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Collins: EURGBP to dive as euro rebounds
Alan Collins from 3c Analysis is predicting lower levels
in EURGBP over the next few days. Trading in the currency pair has been
dominated by negative momentum since November’s peak and RSI indicators suggest
that a rally is unlikely. Alan is however exercising caution due to continuing
reaction following Thursday’s European Central Bank meeting and US Non-farm
Payroll data out later this afternoon.
The markets experienced a bought of volatility after
Thursday’s ECB meeting with the Euro rallying from a two-year low against the
dollar and nearing a six-year high against the yen. Investors had been hoping
that ECB President, Mario Draghi would provide details on a potential stimulus programme
for the Eurozone. Instead, Draghi stated that a decision whether or not to
pursue a stimulus plan would be made by early next year.
Alan is targeting a move lower towards GBP 0.7849 and GBP
0.7842. A stop can be placed at GBP 0.7979.
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Non-independent investment research disclaimer
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