Trade Idea: Sell EURGBP: 2 Feb. – Stopped out at 0.8635

By | February 2, 2017

This trade idea is only good for entry purposes until 5.00 pm NY time today

Sell EURGBP

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

This information is a personal view only, this being a trade being undertaken by FX Charts. It is not an inducement or recommendation to trade although you may do so if you agree with the parameters of this idea.. Refer to our disclaimer here.

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