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Why I’m bullish about cable: Collins

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April 27, 2016 cable, currencies, currency, currency markets, currency pair, currency trading, forex, forex idea, forex markets, forex trading, gbp, gbpusd, saxo, saxo bank, saxo bank saxo tv, saxo bank trading floor, saxo bank tradingfloor.com, saxo tv, saxo tv saxo bank, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxotrader, saxotradergo, saxotv, trade idea, trade view, trader, tradingfloor saxo bank, tradingfloor.com, tradingfloor.com saxo tv
Alan Collins of 3cAnalysis.com is buying a dip on GBPUSD with a key feature being the background of a Bullish Inverse Head & Shoulders pattern that has been developing this year.
Collins says is looking for move back to the 1.4470/90 area to buy sterling.  The market would then be expected to exceed this month’s highs and move to Fibonacci retracement levels of 1.4702 then 1.4907.
The stop on such a call is currently assessed as 1.4403, this week's bottom. An alternative scenario would be a break above 1.4669 which would postpone the profit-taking setback and target 1.4702/1.4907 earlier.