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Collins: Highlighting profits for GBPUSD
Concern over the Ukrainian crisis may be cooling the market’s bullish sentiment, but Alan Collins is hoping to take advantage of this limited profit taking as he expects the pound to continue to rise against the dollar. On Tuesday the strength of the pound increased after the release of strong UK data, signalling continued support for the currency. UK data showed a 0.2 percent rise in consumer price inflation; this was significantly lower rise than the previous month. Investors however are proceeding cautiously as they await the news from the scheduled meeting between the US, EU, Ukraine, and Russia on Thursday. All signals look positive for GBPUSD at the moment, so Alan is targeting USD 1.6782 and then this year’s high of 1.6823. The market is at the same Marabuzo line created by the highs reached on April 8th and the 13 day moving average is attracting new buyers. He cautions though that a dip below 1.6661 or a close below the 13 day moving average jeopardizes this trade. Disclaimer Saxo Bank Group provides an execution-only service. All information provided on Tradingfloor.com is solely for general information. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com. Please read our notification on Non-independent investment research disclaimer
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