EUR/GBP has been going sideways for the last week or so now and we have the levels to play in place as it waits to make a move.
EUR/GBP H4 chart 10 11 2014
0.7860/65 marks the short term top while 0.7810 and 0.7800 and the 2008 support line at 0.7795 has marked the bottom.
Looking further out 0.7755 is still the big level to watch but the speed that we’ve returned here after the recent bounce keeps the pressure on. If longs are your thing then leaning one up against that level with a stop on a break of the 2008 low around 0.7695 is the trade to look at.
With the dollar driving the respective majors right now range trading in this cross is the obvious play. Overall a short bias is the preferred longer term trade, especially with the moon being closer to earth than ECB rate rises.
