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Collins: Cable gains could lead market higher

Alan Collins expects gains in GBPUSD to lead the market even higher. Despite the fact that the pair has lacked clear direction over the last 6 weeks.

Alan points out that: "Trading has been confined within a range of about 2 big figures with direction changing each week. Given that background, it’s difficult to call an end to sideways trading and to a more dynamic environment."

However Alan has tracked the fact that the gains yesterday used the 13 day and 200 day averages, plus an important daily Marabuzo line as a platform and adds: "In addition although yesterday's highs were not held, Monday’s entire net decline was regained and this move leaves 3cAnalysis signals as cautiously positive.".

Buying in the 1.5645/65 area.

The risk level is currently assessed as 1.5606 although under constant review.

Targets: 1.5718, 1.5741 or 1.5767.

https://www.tradingfloor.com/about/niird

01:16 minutes
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