More PIA-first, 2 days ago08 December 2011 In line with our bullish call for sentiment yesterday, GBPUSD ended the sequence of lower daily highs with a return of investor buying. However, despite the resulting strong gains the upside has stalled above 1.5700 – an area that has capped the market this month. With intraday signals for sentiment also showing a more negative bias our call is Cautiously Bearish below 1.5757. The immediate objective is 1.5673 with a move beneath that point targeting 1.5653, half of yesterday's net rise, or even towards yesterday's 1.5595 bottom.
The risk to this call is that buying pressure is stronger than currently assessed although a fresh outright Buy signal would only be generated by a move through 1.5757, this month’s peak. Prices and sentiment should then improve to 1.5781, the high from November 30, or even 1.5807, the
two-week top.
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