GBP/USD - Sentiment positive, supported by Marabuzo Line

Alan Collins 3cAnalysis

The gradual decline from last week's 9 month high extended yesterday. But although Friday’s net gains were entirely reversed at one stage, selling interest was still unable to break below last Wednesday’s Marabuzo line or the 13 day mvg avg. This led to some late buying of CABLE and although minor net losses were posted, it is the failure to maintain the lows that ensures intraday signals are mildly positive. Therefore, our call for this morning is a Cautious Buy from 7am but leaving room to also Buy any Dip to 1.3238. The risk is Monday’s 1.3184 bottom with an immediate target of 1.3299, this week's open. A move through that point then exposes sentiment to 1.3340, Thursday’s peak, or even 1.3382, last week's high.

Marabuzo line/Moving Average Supports

GBPUSD Current Trading Positions

Sell 64%

Buy 36%

Avg Sell Price 1.3243

Avg Buy Price 1.3212

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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