Sterling Rebound After Strong Retracement Conclusion

U.K. consumer confidence jumped in September by the most since 1995 as optimism about the economy’s prospects rebounded.
An index of sentiment rose to minus 16, the highest since January 2008, from minus 25 the previous month, the market researcher said in an e-mailed statement today in London. A gauge of confidence in the economy for the next year increased 13 points to 4, the highest in more than a decade.

Trading Tactics

Buy GBP/USD on signs of a clear uptrend.

The buying point is at 1.6061; Fibonacci 61.8% is the take profit at 1.6200;

Fibonacci 23.6% is the stop loss at 1.5930

The selling point is at 1.5890; previous support is the take profit at 1.5707;

Fibonacci 38.2% is the stop loss at 1.6038

Technical: Sterling breaks previous resistance and continues its uptrend. A move back higher could set up a test of 1.6200

The following analysis is for information only; Finotec is not responsible for any decisions or misinterpretations based on the given text.

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