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Focus on downside of GBPUSD
Today Alan Collins from 3c Analysis is focussing on the downside in Sterling USD. There’s been a rejection of highs in the last two weeks leading to a sequence of five negative daily performances that have taken prices to:
- Seven week lows
- Through the key 13 day moving average
- To the base of what is now an negative trending Keltner channel.
There has been some correcting of oversold signals but the extent of the rally was severely limited with Monday’s Marabuzo line totally untested, according to Alan.
The focus remains on the downside with 1.6291 then the 100 day average at 1.6252 as the immediate targets.
The risk is assessed as 1.6395.
01:03 minutes
Tags: corrections, currency, currency cross, currency fluctuations, currency pairs, currency strategy, currency trading, downside, downside options, forex, forex 2014, forex idea, forex market overview, forex markets, forex trading, forex trading 2014, forextrading, gbpusd, highs, keltner channel, lows, marabuzo level, marabuzo line, markets, moving, options, risk, usd