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Collins: Chasing the falling pound

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After five consecutive months of downward momentum, Alan Collins from 3c Analysis believes that the negative trend in GBPUSD will continue during December. At the moment prices continue to be constrained by the 13 day moving average, in keeping with Alan’s prediction for lower levels. Although no clear selling signal has been triggered yet, both the daily and weekly Keltner channels are negative.

Alan’s bearish view on GBPUSD has him eyeing an immediate target of USD 1.5651. Additionally, he is targeting USD 1.5625, which he hopes will renew selling interest towards USD 1.5541. A stop can be placed at USD 1.5732.

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