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Coleman: Corrective move for GBPUSD

The US Dollar is on pace to complete another week of bullish momentum, making this the eleventh week in a row. This bullish run has completely eradicated Cable’s previous gains against the dollar from the first half of the year. Ian Coleman from First 4 Trading is looking to sell GBPUSD as a downward bias was highlighted on multiple financial indicators yesterday.

A bearish outside bar was posted on the 4 hour chart yesterday and the trend of higher lows was broken on the Intraday chart. He expects trading to remain volatile with levels located within the weekly Ichimoku cloud.

Ian is expecting to sell GBPUSD at the market open with a stop placed at GBP 1.6360. He is targeting a move lower to GBP 1.6180. He notes that this target is marginally higher than the shorter time frame internal AB=CD formation located at GBP 1.6170.

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