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Collins: Selling GBPUSD

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While positive on GBPUSD in the medium term, Alan Collins is looking to sell in the short term as he believes the current corrective decline will deepen for three reasons.

First of all, last week’s strong move lower of almost 3 big figures created a bearish piercing pattern on weekly candle charts. Secondly, the daily Keltner channel peaked at last week's high and is now showing a negative trend. And finally, last Friday the pair closed marginally below the 13-day moving average with yesterday's decline sustaining that break and emphasising the bearish tone.

Collins is looking to sell at the 1.5425.

His targets are to 1.5384, 1.5354 and 1.5295

The stop is currently assessed as above 1.5477