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Collins: GBP takes a pounding as USD marches on
Alan Collins is focusing on GBPUSD and what he assesses as a continuing underlying negative tone. Alan notes that the last three months have all produced declines. Although the downside move has stalled at a key 50% correction point, and at a psychological level near 1.6000, profit taking rallies remain limited. He explains that this can be measured by the bounce from the eleven month lows this week. Oversold extremes were corrected but the week's highs were firmly rejected yesterday.That was important because it came above the trend defining 13-day moving average and with the daily Keltner channel still angling downward.
01:06 minutes
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