Published On: Fri, Feb 24th, 2017

Further upside likely for GBPUSD but watch for negative reaction

InstaForex

Background

Recent oscillation was ended though with fresh demand, using the daily Marabuzo line as a platform, taking Cabkle to its most positive close since the first day of the month and to a test of the 100 day moving average.

With the proximity of that point, and given overbought extremes, there is a likelihood of a negative reaction. Nonetheless, we look for dips to attract investors and lead to further upside.

Management and risk description

A move to 1.2583 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.2555/60 area and dip to 1.2522.

Stop: 1.2484 offered.

Target: 1.2583, 1.2616 or even 1.2658.

Time horizon: intraday, ending 1600 GMT.

Fluctuations in GBPUSD

 Buyers return

 Long-term trend

All charts from CQG. Create your own charts with SaxoTrader; click here to learn more. 

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— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
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