[B]My picks:[/B] Range Trade EUR/GBP
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days
The drop in the EUR/GBP during the overnight reached my target from the previous week at 0.8810, the March low, and I will continue to range-trade the pair as price action holds between the 50.0% and the 61.8% Fib from the November advance (0.8233-0.9805). As a result, I have placed a long entry at 0.8880, the 4/27 low, and will place my target at 0.9020 (50.0% Fib), with my stop at 0.8830 (61.8% Fib). However, as the preliminary GDP reading for the U.K. is scheduled for release on Friday, I will keep the entry order open until Thursday, and will close the potential trade if it fails to trigger by the U.S. market close.
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