EUR/GBP: Still long, let’s see what price action is like at .7900
When I’m having a ‘slow’ run in the market, I often revert to trading some slower moving crosses like AUD/NZD or EUR/GBP, just to regain a bit of confidence. I don’t take big positions or go for ‘home run’ hits, I’m merely trying to get my mojo back.
Currently I’m running a small long position in EUR/GBP, after strong technical support signals emerged ahead of .7750. The fundamental picture for this pair is still very bearish but with positioning heavily skewed to the bear side, picking bottoms at the opportune moment can have its benefits.
There is some modest technical resistance near .7890/00 so let’s wait and see what the market does if/when it gets there.