EUR crosses/GBP crosses

EUR/GBP looks like ‘pair most likely’ in early European trade

EUR/USD is edging higher and cable is edging lower in early European fare as traders dabble, looking for the currency pair most likely to deliver some volatility. There is a daily high at .8165 in the cross and I suspect there might be stops above there; if there are, then I’ll be booking some profits on that rally!

On the economic calendar there is a raft of European PMI data ahead of some important US data later tonight.

  1. Sean,

    Currently, you short GBP/USD, what do you think with the current level ? We have a double top formation at 1.6180 (Oct. 17th, Nov.1st) + Fibio (from 1.6300/1.5825) at 1.6190/1.6200 ? If this levels holds, it could be a good opportunity to reload ?

  2. Yes I’m short cable and AUD/USD but against this I have a large-ish EUR/USD long. I think this mkt is in stop-loss hunting mode so I would not be surprised if cable blew above the tech resistance levels you mention and then goes to 16250ish perhaps before China starts selling again and everyone turns bearish? Something like that maybe?

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