Sterling generally was volatile in the latter part of Thursday and CABLE was no exception. Bought at similar levels to the 2 previous days became aggressive with the market rising by more than 2 big figures. But the highs were almost equally powerfully rejected as fresh sellers emerged above the 13 day line. This left prices with only modest net movement but it is the upside rejection that, despite modest gains in Asia, that is expected to impact on today’s price action. So this morning’s call is a Sell at 1.3970. The risk is 1.4013 with downside targets of 1.3911, Asian low, 1.3883, Thursday’s open, or even this week's 1.3836 base.
Trade active:
Would reduce exposure below 1.3950 now. Stop tightened to 1.3990
Comment:
1.3911 target met. Still looking at 1.3883 with a stop now at 1.3948
Trade closed: target reached:
Our 1.3883 target has been met and we now close the trade