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Collins: Potential for significant downside in GBPUSD

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April 08, 2015 3c, 3c analysis, 3canalysis, alan collins, alan collins 3c analysis, cable, cable dollar, currencies, currency, currency cross, currency market, currency markets, currency pair, currency pairs, currency strategy, currency trading, currency trends, downside, foreign exchange, forex, forex idea, forex market, forex markets, forex saxo bank, forex trading, fx, fx crosses, fx forex, fx investing, fx market, fx markets, fx options, fx saxo bank, fx spot, fx strategy, fx trade, fx trade idea, fx traders, fx trades, fx trading, fx volatility, fxmarkets, fxspot, gbp, gbp usd, gbpusd, gbpusd trade idea, saxo, saxo bank, saxo bank saxo tv, saxo tv, saxotv, sterling, sterling dollar, sterling forex, sterling risk, sterling trading, sterling weakness, trade idea, trader, trading, tradingfloor, tradingfloor.com, usd, weaker currency, weakness
Alan Collins from 3cAnalysis says there is potential for significant downside in GBPUSD. He says that since 20th March the currency pair has been dominated by a Marabuzo line which has acted as a pivot for price action ever since.

Gains in both directions have been constrained, Alan says, but particularly on the topside where investors are continuing to use levels beyond the 13 day moving average to sell. He says momentum and strength indicators are now negative.

Alan believes that confirmation of downside expansion will be a move under 1.4777 with the market focusing on 1.4740 and 1.4689.