Published On: Tue, Feb 21st, 2017

GBPUSD sentiment assessed as negative

InstaForex

Background

There was some volatility in Cable yesterday but without any clear direction for medium-term sentiment. The market attempted to correct Friday’s firm decline but the resulting bounce was not aggressive enough to break above the Marabuzo line from January 23 or seriously retest the 13-day moving average. In fact all trading was contained within Friday’s parameters – an “inside” day that reflects the current uncertainty. So immediate signals cannot be strong but they are, while below the key average line, assessed as negative.

Management and risk description

A move to 1.2422 means the stop can be lowered to break even.

Parameters

Entry: Sell in 1.2460/65 area and a rally to 1.2483.

Stop: 1.2512 bid.

Target: 1.2422, 1.2406 or even 1.2383.

Time horizon: Intraday, ending 16.00 GMT.

Marabuzo Line

 Highs Rejected

 Long Term

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— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more

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