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15/04/2014: I have just sold GBP/USD @ $1.67172

I have used the jump in Cable today on the back of in line UK inflation as a chance to sell. The move is back to the neckline resistance of the intraday top pattern and is stalling. Technical indicators suggest this is a return to the resistance of the falling 55 hour moving average (currently $1.6730) which is where the rallies are falling over. The downside target from the top is $1.6620.

I have placed my stop at $1.6757 (40 pips) which is above the reaction highs from the last two days at $1.6749.

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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.