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Collins: GBPUSD to rise even higher
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Alan Collins from 3c Analysis is looking for higher levels from GBPUSD after prices climbed to their highest peak since October 2008.
Earlier in the week, investors sold the currency pair as prices hit USD 1.700 - an important psychological level. However hesitation amongst bullish traders appears minimal as buyers have since re-entered the market pushing prices up further. Levels are in the upper range of both the daily & weekly Keltner channels. Alan cautions that overbought extremes are a slight concern in this market.
He's targeting USD 1.7104 and USD 1.7145 in the next few days and plans to enter the trade on a possible dip to USD 1.7020 or USD 1.7030.
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