FXWW News/GBP crosses/Technical Analysis/Trade Ideas

EUR/GBP: Shorts preferred with stops above .8505

This pair is less likely to be affected by any debt-deal silliness so we can start paying attention to the technical picture. The 5-wave down-move from .8770  to .8330 has retraced by 38.2% to .8500 and has now put in a daily top at this level (see chart). Selling any intraday rallies towards this level with stops tight above makes good risk-reward sense.

 

  1. Hi sean, iv been patiently waiting on my eurgbp short position for a week now. iv sold aus/usd at 0.9520. im not bearish on the pair but i think the upside is done for now, and we might get a pretty decent dip before any strong trend develops. how do u see this pair? thank u

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