Watch for gradual upside improvement for GBPUSD

Yesterday’s bullish call, as published on these pages, was modestly successful in dull trading. A late spike higher yielded our first daily and weekly objective, although this was still short of Monday’s Asian high and it was not maintained.

Overall there was only minor movement in Cable and so signals for sentiment going into Thursday cannot be strong. Nonetheless, investor interest in buying setbacks remains in the background and especially so after Asian gains, and we look for the topside to continue to develop.

Management and risk description

A move to 1.2905 means the stop can be raised to break even.


Entry: Buy in 1.2860/65 area and at 1.2836.

Stop: 1.2796 offered.

Target: 1.2905, 1.2924 and 1.2961.

Time horizon: Intraday, ending 1500 GMT.

Watch for gradual upside improvement for GBPUSD

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