Published On: Wed, Apr 26th, 2017

GBPUSD 200-day average to support gains

InstaForex

Day trade

/

Buy

Trade view / 21 minutes ago

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom

Instrument:GBPUSD

Price target:1.2905

Market price:1.2830

Background

Monday’s GBPUSD upside failure was not extended yesterday. Overall, Tuesday was the fifth day in a row that saw prices consolidate after last Tuesday’s powerful rise. Until last week’s peak is broken our signals for sentiment cannot be strongly positive but the limited nature of profit-taking and the support of the 200-day line does place our focus on the topside.

Management and risk description

A move to 1.2869 means the stop can be raised to break even.

Parameters

Entry: Buy in 1.2825/30 area and at 1.2802.

Stop: 1.2772 offered.

Target: 1.2869 and 1.2905.

Time horizon: Intraday, ending 15.00 GMT.

Average supports

 Buyers return

 Long term

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

— Edited by Susan McDonald

Non-independent investment research disclaimer applies. Read more

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