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EUR/GBP Short Trade 11.20.2012

EUR/GBP Short Trade 11.20.2012

David Song, Strategist

Although the EU meeting takes center stage on Tuesday, we’re looking to maintain the short EURGBP from 0.8050 ahead of the Bank of England (BoE) Minutes as we anticipate the central bank to soften its dovish tone for monetary policy. As the BoE scales back its forecast for undershooting the 2% target for inflation, a growing number of central bank officials may no longer see scope to expand the balance sheet further, and the Monetary Policy Committee may strike a more neutral tone for monetary policy as the U.K. emerges from the double-dip recession. In turn, we will maintain our initial target around the 100-Day SMA (0.7961), but we will tighten our stop (0.8080) to cost once we see the pair make a meaningful move below the 0.8000 figure.

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