GBPUSD - Tracking Keltner channel lower

Alan Collins 3cAnalysis

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

Interested in GBPUSD technicals? Check out the key levels

Sell 62%

Buy 38%

Avg Sell Price 1.4133

Avg Buy Price 1.3986

Liquidity Distribution

Author

Alan Collins

3cAnalysis

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

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