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Forex Trading: Short EURGBP Ahead Of U.K. CPI, BoE Minutes

Forex Trading: Short EURGBP Ahead Of U.K. CPI, BoE Minutes

David Song, Strategist

We shorted the EURGBP at 0.8128 as the U.K. Consumer Price report is expected to show heightening price pressures in November, and we anticipate to see the pair track higher going into the Bank of England (BoE) Minutes as the central bank drops its dovish tone for monetary policy. Although the headline reading for U.K. inflation is expected to hold at 2.7%, an uptick in core consumer prices should spark a bullish reaction in the sterling, and we will maintain a bearish forecast for the pair amid the deviation in the policy outlook. In turn, we have set our stop above the daily high (0.8155), and will keep an open target for now as the pair looks poised for a key reversal.

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