Thursday, October 29, 2009
EUR/GBP Still Declining as Expected
Just to update the EUR/GBP short trade. It continues to show weakness as expected, and has slipped more overnight. When I initially posted the trade idea it was trading at 0.9142 and it is currently at 0.8926, which is a 216 pip gain! It's usually wise to take profits on such a gain, you can always add back those positions on a rally. The key stopping point that should cap any rally now is the 0.9238 level. I expect the pair to eventually get into the 0.8400 area at least so I would keep some of the short position on still and manage your stops appropriately.