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Forex Strategy: Short EUR/GBP Trade Hits First Target

Forex Strategy: Short EUR/GBP Trade Hits First Target

Ilya Spivak, Head Strategist, APAC

I put on a short EURGBP position as a key trend line break appeared to mark resumption of the structural down trend in play since December 2008. The trade has now met its initial target with a weekly close below 0.8408 and I have revised my objective to 0.8282. The stop-loss has been trailed to 0.8533, the breakeven level.

See the latest EUR/GBP Technical Analysis update here.

Separately, I entered long AUDUSD as technical positioning suggested the markets were ready to begin moving toward realizing my fundamental outlook. The trade remains in play and I continue to target an initial objective at 0.9640. A stop-loss will be triggered on a close below 0.8847.

See the latest AUD/USD Technical Analysis update here.

Want to learn how to invest in big-picture macro FX market trends? Take a look at this video on currency baskets.

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

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