The pair is clearly on a downward path for a few months now, due to the problems with the Euro - particularly at PIIGS. Recently it tested the monthly resistance at around 8490 but had come down quickly. It seems that the powers that be in the UK were defending the rate of 8300 (£1 = Euro 1.20) in recent times.
Assuming this is confirmed by price action, I will be buying in the region of 8275 - 8330 with average targets of 100 pips. S/L will be 30 pips. On the flip side, I plan to short from 8420 - 8460. Similar targets and S/Ls as longs.
What others think?
Assuming this is confirmed by price action, I will be buying in the region of 8275 - 8330 with average targets of 100 pips. S/L will be 30 pips. On the flip side, I plan to short from 8420 - 8460. Similar targets and S/Ls as longs.
What others think?