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17/02/2014: Bought GBP/USD @1.67250

I have just bought GBP/USD at $1.67250.

The drift back today is finding support above $1.6700 and with the medium term trend remaining strong this looks to be a decent chance to buy.

During the last six days the rising 55 hour moving average has been a very good basis of support and once more it is proving to be the case on the recent correction.

The hourly momentum indicators have unwound from overbought, with the RSI back to a buying level around 40, the MACD in bullish configuration and a crossover buy signal on the Stochastics.

I expect Cable to be running higher to retest the $1.6822 (97 pips) overnight high once more.

I have put my stop at $1.6688 (37 pips) which is just under the $1.6690 support.

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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.