GBPUSD - Break of Key Average targets 1.4004

In line with yesterday's outlook this week's decline from 22 month highs deepened. An attempt to renew buying it from the 13 day mvg avg was limited by Wednesday’s Marabuzo line. Failure at the crucial point translated into fresh downside that accelerated in the latter part of the day. Intraday signals for sentiment are approaching oversold extremes but while this a concern a clear close beneath the 13 day line and a loss of last week's entire net upside places our technical focus on the downside. So this morning’s call is to Sell at 1.4080 but leaving room to also Sell at 1.4112. The risk is 1.4144, Thursday’s Marabuzo line, with downside objectives of 1.4058, 1.4030 or even 1.4004, April 6th open.

Trade closed: target reached:

Almost reached 3rd target.