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Collins: EURGBP demand developing
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Alan Collins outlines his trade in EURGBP and explains why he thinks demand is likely to continue to develop: "The last 3 weeks have all found investor buying interest near the 0.7250 area with last week's downside rejection setting the expected tone for this week."
Although anticipated upside has yet to be proven, according to Alan, the market is unable to maintain levels below the 200 day average and is finding support near the trend defining 13 day moving average plus there's a mildly positive Keltner channel.
Buying around 0.7340-50
Stop: 0.7308
Targets: 0.7375 0.7399 0.7419