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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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