Published On: Tue, May 8th, 2018

Weak GBPUSD rally emphasises negative bias

InstaForex

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

 Limited Profit Taking

 
Long Term

 
All charts from CQG

— Edited by Clare MacCarthy

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