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21/02/2014: SOLD GBP/USD @ 1.66713

The rise in Cable following the UK retail sales data has given me a chance to sell.

I still think the drift lower towards $1.603 will be seen. A series of intraday lower highs is in place. Today’s high at $1.6687 comes below yesterday’s high at $1.6697. Again the falling 89 hour moving average is the basis of resistance.

Intraday technical signals suggest this is a good time to sell.

My entry was at $1.66713

I have placed my stop at $1.6705 (34 pips) giving room above the $1.6697 high.

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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.