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05/02/2014: SOLD GBP/USD at $1.63142

Last updated: May 3rd, 2017 at 09:59 pm

The rally has returned Cable to the downtrend resistance on the hourly chart, I took this as a chance to sell.

My target is a retest of today’s low at $1.6350 (64.2 pips)

I have placed my stop at $1.6345 (31 pips) which is just above yesterday’s high at $1.6344

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.