Cable Rolling Over as Sterling Stalls

GBPUSD, Daily              

The close of yesterday’s (September 7) cable candle had formed a clear Tweezer Top that spiked my interest. A scan of a number of the other GBP pairs and it looks like the GBP run may be fading for now and today’s (September 8) daily candles will make interesting reading later.

The Tweezer Top and Overbought break of the top of the Bollinger band triggered a short trade entry at 1.3342. Although still trending higher (Bollinger band and SAR both positive), the pullback to the 23.6 Fibonacci of the pre-Brexit high could be continued to the 1.3215 area (Target 1) and Target 2 at 1.3070. The current 14 Day ATR is 128.

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Stuart Cowell

Market Analyst


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