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Collins: Why sterling is looking good for 2014
As we come to the end of the year, Trading Floor contributors share their outlook for the coming new year. Alan Collins from 3c Analysis likes the look of Sterling in 2014 against the USD, where there has been some steady gains throughout the second half of 2013. Since the market might be a little overstretched at the moment, Collins expects a slight dip in the early parts of Q1. Key moving averages support momentum and positive strength indicators are also bold, he says. Collins sets his key target at 1.7330, which is a 50% area but he expects to see that in Q1.
However, Collins finds the signals are not very pronounced against the Euro. With a series of gradually lower highs and lows reflected by negative Keltner Channel, Collins places his target at 0.8160. He expects the reaction from this to be key for the rest of the year.
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