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Lambert: Dicing with GBPUSD
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With GBPUSD levels at five year highs, Clive Lambert sees the currency pair as a good bet in today’s erratic market.
Currency markets are even more of a gamble this morning as analysts anxiously await the US nonfarm payroll data out tomorrow. Thursday’s European May Day bank holiday creates a quiet but unpredictable market.
Price levels for GBPUSD hit a five year high on Wednesday and Clive foresees the GBPUSD bullish momentum to continue. GBPUSD has been on a bullish run since the start of the year and it appears to be only a matter of time before the currency pair passes the USD 1.700 level. Clive has set a long-term target for GBPUSD of USD 1.7044, with the possibility of reaching USD 1.7340 if the initial target is reached. This is a long way off for the currency pair and this morning Clive has more short-term gains in mind.
Given the market’s volatility, Clive is looking to initiate a day trade and buy on a dip at USD 1.6850 with a stop at USD 1.68320. His price target is set at USD 1.6900.
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