GBPUSD - Buy at 1.3980 and 1.3949. Stop 1.3914

FX:GBPUSD   British Pound / U.S. Dollar
As expected Friday’s minor profit taking was entirely reversed as buyers returned to CABLE Monday. Our first weekly target was met as new 19 month highs were posted. These strong gains of almost 1 ½ big figures mean signals for sentiment are overbought but with prices tracking the Keltner channel higher we continue to look for profit taking to be temporary and limited. Therefore, our call for this morning is a Modest Buy from 7am but leaving room to also Buy any Dip to 1.3949. The risk is 1.3914 with an immediate target of 1.4004, the overnight high. A move through that point then exposes sentiment to 1.4032 and 1.4065.
Jan 23
Comment: Buy Dip strategy has been solidly successful. Taking some profits above 1.3990 with stop raised to 1.3956


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