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Collins: Potential for significant downside in GBPUSD

Alan Collins from 3cAnalysis says there is potential for significant downside in GBPUSD. He says that since 20th March the currency pair has been dominated by a Marabuzo line which has acted as a pivot for price action ever since.

Gains in both directions have been constrained, Alan says, but particularly on the topside where investors are continuing to use levels beyond the 13 day moving average to sell. He says momentum and strength indicators are now negative.

Alan believes that confirmation of downside expansion will be a move under 1.4777 with the market focusing on 1.4740 and 1.4689.

Non-Independent Investment Research Disclaimer

01:06 minutes
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