Yesterday I posted during the ECB presser that I fancied a rally in EURGBP but didn’t like the entry level at 0.8325 as it was mid-way between strong support and a pivotal 0.8350-60
Well we’ve seen an attempt to get above 0.8360 this morning following the weaker than expected UK trade data and more bullish euro tone generally but we’re now back at 0.8348.
A few longs will have unloaded given the uncertainty still but will be looking to get some back on board on any dip to 0.8325 and more at 0.8300. A break of 0.8365 targets 0.8380 and then 0.8400-10 from whence we came yesterday pre-ECB.
0.8310-0.8410 it is then, so pick your weapon of choice but at 0.8350 we’re in neutral territory for the moment, and talk now of a decent size option expiry today here ( put on yesterday) may have a magnetic effect.
- EURGBP H1 Nov 5
