Capping by Marabuzo line points lower for GBPUSD

0
4


Day trade

/

Sell


Trade view /
11 minutes ago

Partner at 3 C ANALYSIS / 3cAnalysis

United Kingdom


Instrument:
GBPUSD


Price target:
1.2811


Market price:
1.2895

Background


Wednesday’s rejection of the 200/100-day moving average area extended modestly yesterday. But the weakness of the bounce was emphasised by a failure to trade through a Marabuzo line created by Tuesday’s decline. This limited upside leaves our immediate studies negative although new weekly lows in early trading are looked for to confirm.

Management and risk description


A move to 1.2863 means the stop can be lowered to break even.

Parameters

Entry: sell in 1.2895/00 area and at 1.2917.

Stop: 1.2948 bid.

Target: 1.2863, 1.2842 and 1.2811.

Time horizon: intraday, ending 1500 GMT.

Averages support

 

Limited bounce

 

Long term

 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

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Non-independent investment research disclaimer applies. Read more
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