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Collins: Why I'm selling EURGBP
With the markets still recovering from the thinness of holiday trading, Alan Collins from 3c Analysis is looking to sell euro sterling, albeit cautiously.
He explains the pair is currently holding at the bottom of the weekly Ichimoku Cloud - a pattern that has supported the cross throughout 2013 - after three consecutive weeks of negative performance. But despite this pattern, Alan expects rallies to be limited.
As a result, he isplans to sell euro sterling with immediate targets at .8270 and .8253, with the latter target accelerating towards .8217, and to place a stop at .8332.
Many analysts believe the European Central Bank will unveil further measures to boost the monetary union’s economy when it meets on Thursday.
01:04 minutes
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