GBPUSD - Tracking Keltner channel lower
|Although our first weekly objective has not been reached, the negative bias was confirmed with a 5th consecutive down day Monday. This move took CABLE to the lower end of a falling daily Keltner channel but also to oversold extremes. That situation may well lead to a profit taking attempt. But we currently look for rallies to be temporary and so, this morning’s call is a Sell but leaving room to Sell any Rally to 1.3974, yesterday's Marabuzo line. The risk is 1.4008, this week's open, with an immediate target of 1.3918, the overnight low. A move through that point then exposes sentiment to 1.3890 and 1.3856.
5 Down Days
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