My picks: Stay Short EUR/GBP
Expertise: Fundamentals Combined With Technicals
Average Time Frame of Trades: 1 Day - 1 Week
I'm sticking with my pick from last week when I chose to sell EUR/GBP. Stops should be placed above 0.9024 to initially target the 50% fib of 0.7694-0.9805 at 0.8750, secondary targets sit at the February low of 0.8637 and the 200 SMA at 0.8529.
The latest FXCM SSI numbers show that traders remain net long EUR/USD and net short GBP/USD *(but not dramatically so), and as a contrarian indicator, the figures work in favor of a short EUR/GBP bias.
