Background
Monday’s GBPUSD upside failure was not extended yesterday. Overall, Tuesday was the fifth day in a row that saw prices consolidate after last Tuesday’s powerful rise. Until last week’s peak is broken our signals for sentiment cannot be strongly positive but the limited nature of profit-taking and the support of the 200-day line does place our focus on the topside.Management and risk description
A move to 1.2869 means the stop can be raised to break even.Parameters
Entry: Buy in 1.2825/30 area and at 1.2802.
Stop: 1.2772 offered.
Target: 1.2869 and 1.2905.
Time horizon: Intraday, ending 15.00 GMT.