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Trade idea: Sell cable on wave formation
Ian Coleman from First 4 Trading is looking to sell sterling dollar. He says we have seen an aggressive bout of dollar-buying and that the three wave correction is back up; these two key events have triggered his decision.
He is now expecting an aggressive push to the downside and adds that the correction higher could also be seen as a right shoulder.
As a result, Ian is looking to sell cable, place a stop at 1.5610 and his targets are 1.5495, 1.5426 and 1.5350.
The British Pound rose on Monday after encouraging manufacturing data confirmed the UK is seeing signs of recovery. The dollar also moved broadly higher ahead of a rush of data and central-bank policy decisions due later this week.
01:11 minutes
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