Wednesday, May 9, 2012

Possible EURGBP Short Trade

The EURGBP is back near Monday's lows.  With the GBPUSD holding steadily above 1.6100 and the EURUSD falling back below 1.3000 this morning, the EURGBP looks set to keep moving lower.  A possible play would be to short the EURGBP at current levels of 0.8040, with a target of 0.8000.  Also, rather than entering a standard stop loss, this short can be exited if the EURUSD trades back above 1.3000 and reestablishes support.  

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