GBPUSD - Weak Rally points Lower

Alan Collins 3cAnalysis

Trading in CABLE was muted yesterday with all price action contained within Friday’s parameters. For a 4th day in a row there was limited net movement. But this indecisive trading does come against the background of a declining Keltner channel and prices remaining beneath the 200 day mvg avg. So caution needs to be used but with the underlying bias negative this morning’s call is a Modest Sell at 1.3550 but leaving room to Sell any Rally to 1.3578, Asia’s high. The risk is 1.3610, the 200 day mvg avg, with an immediate target of 1.3515, yesterday's low. A move through that point then exposes sentiment to last week's 1.3486 base and 1.3463.

Below Averages

Weak Profit Taking

GBPUSD Current Trading Positions

Author

Alan Collins

3cAnalysis

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

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