Video

#SaxoStrats
Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Day trade
/
Sell
Trade view / 08 May 2018 at 6:27 GMT

Weak GBPUSD rally emphasises negative bias

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Price target: 1.3463
Market price: 1.3550
Background

Trading in cable was muted yesterday with all price action contained within Friday’s parameters. For a fourth day in a row there was limited net movement. But this indecisive trading does come against the background of a declining Keltner channel and prices remaining beneath the 200-day moving average. So caution needs to be used but the underlying bias is assessed as negative.

Management and risk description

A move to 1.3515 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.3550/55 area and at 1.3578

Stop: 1.3610 bid

Target: 1.3515, 1.3486 or even 1.3463

Time horizon: intraday, closing 15:00 GMT

Below Averages
Below Averages
 Limited Profit Taking
Profit Taking
 
Long Term
Long Term
 
All charts from CQG

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
08 May
JVKNL JVKNL
I am in but it doesn't look good
08 May
marran marran
im in on this as well, overall it looks a bearish chart, but we do seem to have a retracement up
08 May
geirth geirth
After a nice small deal being long NZD/CAD overnight, I will contine todays luck with this one! Looks good so far.
08 May
AlanCollins AlanCollins
Would reduce shorts near 1.3540. stop lowered to 1.3580
08 May
alki alki
A good one, Alan, thanks for the idea! I am out @3515 from 3575.
08 May
Romanatrader Romanatrader
Hi Alan, another good one...great job
08 May
marran marran
Retracement up!! Ha just goes to show i know nothing! lol Very nice call Alan
08 May
AlanCollins AlanCollins
Thanks guys. Stop on any short balances set at 1.3535.
08 May
Are you sure? Are you sure?
THANKS, GREAT JOB
08 May
JVKNL JVKNL
Thank you, didnt look good first but i did 75-15. Good idea Alan.!
08 May
geirth geirth
I set my S/L at 1,35,and deal done. Very, very good spotted Alan!
08 May
geirth geirth
Not S/L, but target of course...
08 May
Benenen Benenen
Well done! Thx Alan
08 May
JVKNL JVKNL
Alan give us some.more ideas for today ;)

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