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26/03/2014: I have just sold GBP/USD @$1.65444

I still view this to be a near term bear market rally and Cable is now encountering a series of key overhead barriers to gains.

The overnight rally high was at $1.6556 and hit resistance again around the falling 200 hour moving average. There is also a band of price resistance between $1.6540/$1.6565. The downtrend resistance currently also comes in around $1.6570.

I have placed my stop at $1.6585 (41 pips) to give some room above the downtrend resistance, also above the neckline resistance at $1.6581.

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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.