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Collins: A "fundamental shift" in EURGBP
We may have seen a “fundamental shift” in EURGBP sentiment, according to Alan Collins from 3c Analysis and that’s why he’s looking to buy the cross this Monday and he suggests it could provide a buying opportunity for the rest of the week. In recent weeks, the euro has fallen significantly and he says a five month series of lower highs and lower lows has been broken. There’s a more positive tone in daily Momentum and Strength indicators. And importantly, Collins says last week’s price action was dominated by Friday’s move and those gains completed a Bullish Morning Star pattern on the weekly candle charts. This pattern, he says, often signals a complete change in market sentiment.
Collins says that although a fresh upside will not be smooth, he is looking for setbacks to be temporary and limited. So with a risk level currently assessed at 0.7900 his forecast is bullish. A move through 0.8011 will be a confirmation of his view and he’s targeting 0.8050 & 0.8124.
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