GBPUSD - Capped by key average, points lower
|As expected, Friday’s failure at the 13 day mvg avg proved important. With that point capping investor demand, selling interest was revived Monday with the resulting decline yielding our first downside target for the week, a 3rd down day from the last 4 and the most negative levels traded for 3 weeks. The scope of the decline means signals for sentiment are oversold, but allowing for a likely profit taking reaction, this morning’s call is a Modest Sell at 1.2965 but leaving room to Sell any Rally to 1.2986, yesterday's afternoon high. The risk is 1.3018, Monday’s Marabuzo line, with an immediate target of 1.2933. A move through that point then exposes sentiment to 1.2897, the 6 week low, and 1.2878.
Average Caps
GBPUSD Current Trading Positions
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