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Collins: Gains for Cable but watch out there's a referendum about

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Over the last month the pound has fallen 2.5 percent against the dollar. Concerns over rate hikes and the Scottish referendum have created unfavourable market conditions for the pound. Therefore, Alan Collins from 3c Analysis is entering the GBPUSD market cautiously ahead of Thursday’s vote.

Alan is looking for the gains from last week’s lows to continue to rebound throughout the week. In order for this positive sentiment to endure, the key 13 day moving average must be clearly exceeded and the losses created by last week’s open must be recouped. The markets target objective is around the USD 1.6337 or USD 1.6342 mark. A daily close at between these two levels clears a path for Alan’s ideal trade target of USD 1.6466.
A move towards USD 1.6158 would negate this trade with risk being assessed at USD 1.6209.