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Collins: Looking for a bounce in GBPUSD

Alan Collins is focussing on GBPUSD against the negative tone which dominates sentiment:

"Last week's weak rally ended a sequence of seven down weeks but the fact that the bounce was unable to break through the trend defining 13 day moving average was key.

Monday’s indecisive unchanged close translated into a more significant renewal of the downside and took prices through our 1.6474 target, a 76% correction of the rise from this year’s low.

The speed and scope of the decline does mean that sentiment is oversold so we’re looking for a temporary bounce that should attract fresh sellers but should also not exceed 1.6538

Once renewed the downside is likely to target 1.6410 and 1.6382."

00:54 minutes
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