05 May 2010

EUR/GBP : Triangle Break Well and Truly Underway

  • Short at 0.8716. Now 0.8567.
  • Am looking to add on a small bounce from here.
  • Important to trade this as a cross and not assume the downside will come from weakness in the EUR/USD leg . Very possible that EUR/GBP could be pushed lower on GBP/USD strength post election results. This is not the time to be sloppy with legging in and out of the cross.
  • Looks like immediate downside objective is 0.8397. Eventual objective is far far away at 0.7452.

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