GBP/USD - Limited Rally Keeps Sentiment Negative

Published 29/07/2014, 07:00
GBP/USD
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For a 2nd day in a row there was little net movement in CABLE yesterday. Instead prices consolidated near the lower end of a declining Keltner channel and with sentiment correcting oversold extremes.

This type of price action means immediate signals are not strong but with the Keltner channel angling lower and yesterday's rejection of the highs in mind sentiment still has to be assessed as negative with scope to 1.6950 then 1.6923.


GBPUSD: Daily Chart - Limited MovementGBPUSD: 2 Hourly Chart - Highs Rejected

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