Weak profit taking confirms positive sentiment for GBPUSD
The market was unable to build upon Tuesday’s four big figure rise, or break well beyond the 200 day moving average yesterday. Instead, with intraday signals for sentiment overbought, Cable consolidated in a tight range and with only a minor setback.
Prices remained above the 200 day average though, and some Asian buying this morning reflects the underlying positive tone.
Management and risk description
A move to 1.2840 means the stop can be reaised to break even.
Entry: Buy in 1.2800/05 area and at 1.2769.
Stop: 1.2736 offered.
Target: 1.2840, 1.2861 and 1.2905.
Time horizon: Intraday, ending 1500 GMT.
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— Edited by Robert Ryan
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