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Euro Cross Pick 04.19.2012

Euro Cross Pick 04.19.2012

David Song, Strategist

Coming into 2012, I picked the EURGBP as my top trade for the year, and the pair has certainly moved in my favor as the Bank of England scales back its dovish tone for monetary policy. Indeed, the EURGBP has slipped to a fresh yearly low of 0.8161 amid the shift in the policy outlook, and I am looking for a small bounce towards former support around 0.8200 to sell the pair as a long-term downtrend takes shape. However, as the relative strength index flirts with oversold territory, a short-term correction could push the pair back towards the 0.8300 figure, and I will be looking for a good price to sell as I expect to see fresh yearly lows in the exchange rate.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.