GBPUSD - Buy at 1.3940 and 1.3917 (stop 1.3888), Friday

Yesterday's bearish forecast had some success as CABLE was sold to lower levels for a 5th day in a row. But the lows of the day were sharply rejected in the latter stages with a strong positive bounce taking the market to a small net gain and to a retest of the 13 day mvg avg. This broad oscillation around that mvg avg means signals for sentiment cannot be strong but although caution needs to be employed our call for this morning is a Cautious Buy from 7am but leaving room to also Buy any Dip to 1.3917. The risk is 1.3888 with an immediate target of 1.3965. A move through that point then exposes sentiment to yesterday's 1.3989 top or even Tuesday’s 1.4025 peak.

Trade active:

First target at 1.3965 reached. Stop raised to 1.3924 with the 2nd entry point cancelled

Comment:

2nd target met. stop to 1.3945