SaxoTV
Collins: A setback for GBPUSD
156 views
The pound weakened against the dollar on Tuesday after a report showed British banks have approved the lowest amount of mortgages in almost a year. The currency was also impacted by the results of EU elections. Alan Collins from 3c Analysis expects this current setback to continue.
Recently, the GBPUSD pair has been fluctuating off the highs. Alan sees this as an introduction to fresh demand in the long-term, but in the short-term any gains are constrained by May 9th's Marabuzo line at USD 1.6890. This is why he is targeting lower levels at the moment.
Alan has set three price targets for this trade: USD 1.6766, USD 1.6732, and USD 1.6660. He cautions though that a close above USD 1.6890 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