GBPUSD - Buy at 1.3940 and 1.3917 (stop 1.3888), Friday

FX:GBPUSD   British Pound / U.S. Dollar
Yesterday's bearish forecast had some success as CABLE was sold to lower levels for a 5th day in a row. But the lows of the day were sharply rejected in the latter stages with a strong positive bounce taking the market to a small net gain and to a retest of the 13 day mvg avg . This broad oscillation around that mvg avg means signals for sentiment cannot be strong but although caution needs to be employed our call for this morning is a Cautious Buy from 7am but leaving room to also Buy any Dip to 1.3917. The risk is 1.3888 with an immediate target of 1.3965. A move through that point then exposes sentiment to yesterday's 1.3989 top or even Tuesday’s 1.4025 peak.
Feb 23
Trade active: First target at 1.3965 reached. Stop raised to 1.3924 with the 2nd entry point cancelled
Feb 23
Comment: 2nd target met. stop to 1.3945
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