FXWW News/GBP crosses

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.

  1. Cheers Tony. Yep, most of the time the FX market is ranging/consolidating across multiple timeframes so we should be expending our energy trying to pick ranges rather than directions

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