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22/05/2014: I have just BOUGHT GBP/USD at $1.68674 and SOLD USD/JPY at 101.617


I see this dip in Cable following from the in line reading of UK GDP as being a bit overdone in the near term. The basis of support comes in around $1.6850/55 and i see this as a  chance to buy. I still expect that Sterling will appreciate in the near to medium term.

I have placed my stop for Cable at 1.68250 (42 pips) which gives a little bit of room under the $1.6830 support. The positive near term outlook for Cable will remain intact until a breach of $1.6800.

 

On Dollar/Yen is see this jump today as a chance to sell. The initial reaction has already fallen over around 101.70 which is a resistance band and I see this as just a knee jerk reaction that will result in further pressure back on the lows once more. I expect 100.80 to be retested.

I have placed my stop on USD/JPY at 102.05 (43 pips) which is just above the pivot level around 102.00.

 


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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.