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Trade idea: Focus on GBPUSD but beware of BoE inflation report
Alan Collins from 3c Analysis if looking for temporary gains in sterling dollar but warns that the Bank of England inflation report - out this morning - could have a big impact on the markets.
Alan says the underlying trend is lower - highlighted by lower highs over the last 3 weeks.
However, the speed and scope of the decline from last week’s top means signals for sentiment are oversold.
Alan says some profit taking in latter part of yesterday saw a bounce and he is looking for the unwinding of this situation to be today’s backdrop.
His temporary targets are 1.5946 and 1.5992.
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Tags: 3c analysis, alan collins, bank of england, bank of england inflation report, boe inflation, dollar, financial markets, forex, fx, fx markets, gbp, inflation, investing, investment, markets, pound, profit taking, saxo bank, saxo tv, sterling dollar, trader, trading fx, tradingfloor.com, us dollar index, usd, video