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David Song, Strategist

We got stopped out of our short EURGBP trade from 0.8050 as the pair ran our stop (0.8080) and rallied to a fresh monthly high of 0.8107, and we will look for another opportunity to sell the pair as it continues to carve out a lower top in November. As the euro-pound struggles to put in a close above 0.8100, we may have an opportunity to sell the pair at higher price, and we will be keeping a close eye on the relative strength index as it approaches overbought territory. Although the EU increases its effort to keep Greece within the monetary union, the heightening threat for contagion paired with deepening recession continues to cast a bearish outlook for the single currency, while the sterling remains poised to benefit from the shift in the Bank of England’s (BoE) policy outlook as the central bank drops its dovish tone for monetary policy.

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