Quote:
Originally Posted by trader123
EURGBP strongly rebounds
U.K. pound fell against the euro for a third day and dropped versus the dollar.
The pound had its biggest weekly drop against the dollar last week since mid-June as manufacturing business shrank by the most in a decade, adding to evidence a recession is looming.
The faltering economy will weaken the pound to $1.90 and to 80 pence per euro by year-end, according to the median forecast of analysts and strategists surveyed by Bloomberg. The yield on the 10-year note will end the year at 4.87 percent, according to a separate survey.
Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950. Current rate is 0.7916, unrealised profit is US$141.48.
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Last Friday I had bought 20,000 EURGBP at 0.7878, stop level at 0.7820, target level at 0.7950.
EURGBP moves up after I had bought this currency pairs. But EURGBP uptrends look weak and looks like its going down further. Took profit at 0.7922, realised profit is US$166.89.
I believe EURGBP sideway trading will continue, so I will be interest to trade EURGBP again if it moves nearer to the support level 0.7840 or resistance level 0.8020.