SPOT GBPUSD - signals oversold but still bearish
All 3 of yesterday's downside targets were met to confirm yesterday's and this week’s forecasts. The decline of more than a big figure took CABLE through the lower end of the daily Keltner channel and to a test of the 200/100 day mvg avg area. Those points held and that failure coupled with oversold extremes gives strong potential for a rally. Nonetheless sentiment is clear and so, this morning’s call is a modest Sell from 7am but leaving room to Sell any Rally to 1.2898. The risk is 1.2932 with an immediate target of 1.2846, yesterday's low. A move through that point then exposes sentiment to 1.2811, the 5 week base, and 1.2785.
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