GBP/USD - Rallies capped by Key Average
|An initial rise yesterday (to our sell at 1.3017 point) was strongly overturned. The subsequent fall of almost a big figure confirmed the daily and weekly outlook – taking CABLE to 9 week lows. The scope of the decline during April means signals for sentiment are oversold and a positive reaction is probable. Nonetheless such a rally is expected to be limited and so this morning’s call is a Sell but leaving room to also Sell at 1.2964. The risk is 1.2997 with downside objectives at 1.2910, 1.2891, the 9 week low, or even 1.2856.
Below Averages
GBPUSD Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.