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Dipping in to buying GBP:USD
Alan Collins from 3c Analysis is buying Sterling Dollar; his trade idea is based on the ‘buy on limited dips’ scenario. He says yesterday's price action didn’t produce particularly strong signals after a virtually unchanged close slowed Sterling’s rise.
Alan also says that the underlying positive tone is defined by three factors; a bullish trending Keltner channel, the support of the 13 day moving average and a positive momentum.
There is, however, concern introduced by the stalling at the base of the daily Ichimoku Cloud and after recovering 62% of the fall from June’s top.
As a result, Alan is targeting the 1.5440/77 area.
The greenback has remained under pressure following disappointing US housing data out earlier this week.
00:55 minutes
Tags: #c analysis, 13 day moving average, alan collins, dollar, economy, fx markets, gpb, greenback, ichimoku cloud, keltner channel, positive momentum, pound, saxo bank, saxo tv, sterling, sterling dollar, trade, trader, trading, tradingfloor.com, us housing data, usd, video