FXWW News/GBP crosses/Trade Ideas

EUR/GBP: Taking profit on medium-term shorts

  • I’ve been short this pair for months but the fact that we’ve consistently stalled at a major technical support level near .8150 (61.8% retracement of .7750/.8810) must be taken seriously;
  • I will re-instate if this level is comprehensively broken;
  • I remain long and moderately bullish on cable but we may well see extended consolidation 1.65/1.68 which would suggest that any significant gains in the cross are more likely to come from a higher EUR/USD;
  • I will stick with my long GBP/JPY longs as well but will re-assess if we start trading below 169.80.

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