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GBPUSD Hits Target 1 as UK CPI Disappoints

Market Analysis
2016-09-13_17-32-16

GBPUSD, Daily              

On Thursday (September 8)  I posted my thoughts on Cable …”The Tweezer Top and Overbought break of the top of the Bollinger band triggered a short trade entry at 1.3342…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.”  Sterling has been under pressure today losing between 0.7-0.8% versus the USD and Euro. This has been primarily from the miss of the inflation figures and currently cable trades below the psychological 1.3200 level. Target 1 achieved a 127 pip gain and more weakness could be ahead if the 20 DMA is broken and the SAR remains positive on the close of the daily candle. Next support is at 1.3150 and the 50 DMA. Target 2 remains at 1.3070.

 

 

 

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Stuart Cowell

Market Analyst

HotForex

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