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Collins: A setback for GBPUSD
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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.
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