| | | | GBP/USD - the currency fell further and has been to as low as 1.7890 and recovers, but unconvincingly. With the outlook similarly poor in other majors, this currency pair may fall further to 1.7820. Nonetheless, an "oversold" reaction from those depressed levels also merits a rebound, and we may see one up to 1.8050 area again. Basing action follows thereafter. But the stuffings have been knocked out of the positive short-term view, and so fine-tuning the situation will de done once, or if, a rally to 1.8050 develops as expected.
Recommendations:
Bought GBP at 1.7980. Move stop-loss from 1.7875 to 1.7775. Keep profit target at 1.8650.
Buy GBP at 1.7830. Stop-loss: 1.7775. Profit target: 1.8650. | | | | |
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