GBPUSD, Daily
On Thursday (September 8) I posted my thoughts on Cable …”The Tweezer Top and Overbought break of the top of the Bollinger band triggered a short trade entry at 1.3342…the pullback to the 23.6 Fibonacci of the pre-Brexit high could be continued to the 1.3215 area (Target 1) and Target 2 at 1.3070.” Sterling has been under pressure today losing between 0.7-0.8% versus the USD and Euro. This has been primarily from the miss of the inflation figures and currently cable trades below the psychological 1.3200 level. Target 1 achieved a 127 pip gain and more weakness could be ahead if the 20 DMA is broken and the SAR remains positive on the close of the daily candle. Next support is at 1.3150 and the 50 DMA. Target 2 remains at 1.3070.
Click here to access the HotForex Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Wednesday September 14 I will be looking at how to get the best out of our Traders Tools and more Live Analysis.
Click HERE to register for FREE! The next webinar will start in:[ujicountdown id=”Next Webinar” expire=”2016/09/14 11:00″ hide=”true” url=”” subscr=”” recurring=”” rectype=”second” repeats=””]
Stuart Cowell
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
