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Trade idea: Sell GBPUSD on positive background
Alan Collins from 3c Analysis is looking to sell GBPUSD as the "background is positive". He says the most important thing is that prices have been "hugging at the top of a rising Celtic channel", on a both weekly and daily perspective.
He adds that after seeing nine-month highs yesterday, profit taking developed, and this formed a "bearish inverted candle pattern".
Alan is now looking for this move lower to extend. He says 161.55 is a "particularly important point", and if we move through that figure he will be looking at 161.02 which is this week’s low.
Sterling hit a nine-month high against a broadly weaker dollar after US Congress failed to break a political stalemate over the budget and the government began a partial shutdown.
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00:51 minutes
Tags: 3c analysis, alan collins, british economy, candle pattern, celtic channel, dollar, economy, forex, fx, gbp, gbpusd, investing, investment, profit, profit taking, risks, saxo bank, saxo tv, sterling, sterling dollar, trade, trade idea, trader, trading, trading risks, tradingfloor.com, uk economy, us congress, us government, usd