Long GBP still my preferred play
I see no reason at the moment to get off the GBP bull train and any dips are buying opportunities in my very biased view.
- EUR/GBP: I know this pair is very slow to trade and getting timing right is vital in the short-term but I still think its worth being short for a 10% move lower in the coming months. I can’t recommend day-trading this pair as its too slow, but leaving ‘sell-rally’ orders is a sensible play I think;
- GBP/JPY: This is one pair which has massive topside potential in the longer-run. Sure it could dip 300/500 pips in a couple of sessions and care is especially warranted given how volatile this pair can be but the patient long-term position builder could be in for a big bonanza here;
- Cable: Obviously the easier pair to day-trade and I’d simply adopt a buy-dip strategy, session after session, and I think this will continue to reap rewards;
- GBP/AUD: Might under-perform some of the other crosses in the shortish-term and I’d prefer to look elsewhere for my long GBP vehicle.
Very disappointingly quiet session today in Asia but tomorrow’s a new day!