🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

CABLE: Highs Not Held

Published 02/05/2014, 07:18
GBP/USD
-

GBP/USD

Demand for CABLE continued yesterday with a 3rd up day in a row resulting. This kept the currency pair ‘hugging’ the upper end of a positively trending Keltner channel. The highs were not held as the market consolidated at overbought extremes and signals for sentiment are showing increasing potential for a reactive move.

So our call for this morning is Temporarily Bearish below 1.6922. The immediate objective is 1.6862 and a move through that point should see the market focusing on 1.6829, Wed’s open or even 1.6808, the 13 day moving average.

The risk is that profit taking is being overrated – signalled above 1.6922, yesterday's top, to 1.6955 or even 1.6977.
GBP/USD

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.