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Collins: GBPUSD continues to fall
The GBPUSD currency pair reached a short-lived high for the 2014 calendar year last week before a correction in the market occurred. Alan Collins from 3c Analysis expects this sharp correction to continue and is targeting lower levels for GBPUSD. A bearish inverted hammer pattern on the weekly candle charts was created as the market’s sentiment changed and prices fell. Alan notes that this downward momentum is only expected to be temporary, but is targeting lower levels at USD 1.6819 and USD 1.6793. The Bank of England’s Inflation Report out later today adds an element of risk to today’s trade depending on Governor Mark Carney’s outlook on growth and inflation. The Bank of England’s report could have a significant impact on the currency pair’s direction. Any potential rally may be limited though by last Friday’s Marabuzo line and 13 day moving average, which have already demonstrated an ability to cap recent buying trends. An overnight close above USD 1.6903 would negate 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
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