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Collins: Lack of support for EURGBP

Alan Collins from 3c Analysis is looking at trading EURGBP. He has a bearish outlook for the currency pair, after a rally higher from last week’s low of GBP 0.7800 failed to show any signs of support. Adding further support to his bearish outlook is the fact that both the daily and weekly Keltner channels are trending negatively at the moment.

Given the lack of conviction behind EURGBP’s current levels, Alan is targeting a re-test of last week’s base and a move toward the 2012 low of GBP 0.7755. A move above GBP 0.7885 or a daily close above GBP 0.7865 negates this trade.

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00:56 minutes
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