GBPUSD- Sell at 1.3855 and 1.3876 (stop 1.3920), Tuesday
Trading in CABLE Monday was muted. A range of 80-pips kept the currency pair tightly inside Friday’s parameters. This indecisive ‘Inside’ day clearly shows some uncertainty but it is the lack of a positive rebound that emphasises that the undertone remain negative after last week’s completion of a pattern. With this in the background, this morning’s call is a Cautious Sell at 1.3855 but leaving room to Sell any Rally to 1.3876, Monday’s high. The risk is 1.3920 with an immediate target of 1.3832, Asian low. A move through that point then exposes sentiment to 1.3796, yesterday’s base, and Friday’s 1.3765 low point.
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