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23/01/2015: Trading Idea SELLING GBP/USD


Trade:    SELLING GBP/USD  

Entry:                    @ $1.5030 (a pullback rally to the old support turned resistance at $1.5032)

Target:                  $1.4810 (the key July 2013 low)

Stop:                     $1.5110 (above the resistance c. $1.5080 of the lows of 21st Jan)

Reason: The breakdown of the key trading range should now ensure the next leg moves lower towards a test of the key July 2013 low at $1.4810. I would be looking to sell an oversold technical rally today.

Cable   232012015


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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.