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Collins: Cable sending positive message
Alan Collins from 3cAnaysis has a positive view on GBPUSD. After five weeks of demand, the last five trading days have seen the market consolidate but net profit taking has been limited.
Prices approached the trend defining 13-day moving average yesterday but, like the previous four days, the lows were not maintained. The bullish bias is also reflected by positive Keltner channels in both the daily and weekly time perspectives so Alan is expecting the upside to reassert in the coming days.
Last week's 1.7181 is the catalyst and targets are 1.7220 and 1.7247. Only a move below 1.7085 negates the trade.
00:57 minutes
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