This trade idea is only good for entry purposes until 5.00 pm NY time today
50% @ 0.8550
50% @ 0.8580
SL: 100% @ 0.8635
TP : 100% @ 0.8435
With the BOE Meeting and the QIR report due today in the UK, not to mention the first chance for the UK market to trade, following yesterday’s vote granting the government the power to invoke Article 50 in order to proceed with Brexit, we are likely to see some decent volatility in Sterling today. Ahead of the NFP vote on Friday, trading against the dollar looks tricky so a better bet might be EurGbp.
Sterling looks strong on all fronts, and in the cross, selling Euros into near term strength on the cross seems to be a plan, with a SL placed above the 31 Jan high of 0.8635, but looking to take profit near the 76.4% Fibo level at 0.8535, which is backed up by the 200 SDMA, seems to be the plan, as per the charts, below.
This idea is only good for entry purposes until 5.00 pm NY time today
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