In our FX Trade of the week series, we look at EUR/GBP. It has been a hell of a ride! Yet, still half way through. It has been a great run and still counting.
No doubt, so far it has been a great run of almost 400 pips in profit and still counting. When we initiated this short position 53 days ago, we couldn’t ask for a better downside move as we have witnessed during this time period.
The trend was strong, stable and consistent with very few and insignificant shallow corrections along the way. The smoothness of that move had enabled us to scale in and out easily and to secure most of the profit that had been accumulated.
Still, we are not done with the downside potential. We remain committed to our game plan and to our original ,one and only price target of 0.8532, which is not too far a way from current price levels.