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Collins: The second collapse of GBPUSD
Alan Collins from 3c Analysis is evaluating the prospect for further downside momentum in GBPUSD. He says that the market has renewed selling pressure that previously resulted in 7 consecutive down months. The dollar index’s 25% appreciation over the past 9 months has been rapid, with the dollar hitting a 7½ year high against the yen and a 12 year high against the euro this week. According to an International Monetary Fund spokesman, Gerry Rice, the dollar’s appreciation is “in line with the fundamentals” suggesting further strengthening. GBP has been avoided the sharp declines against the USD that the EUR has seen, but the fundamental may have changed as GBPUSD posted its second weekly decline in a row. The steep reversal in sentiment on Thursday emphasises the market’s negative tone towards the currency pair. In the immediate term, Alan is targeting a move toUSD 1.4813 with a stop at USD 1.4915. Over the next few days, he continues to be bearish targeting USD 1.4724 with a stop of USD 1.4971.
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