Cross-Eyeing: EUR/GBP – Close Open Orders

Close Open Orders: 2008-07-10 14:06

After our trade idea was posted, EUR/GBP managed to pull back a bit, but not enough to trigger our long orders as the pair found support around .7935. With the market trading just below .8000, I look to close my open orders and search for new opportunities.

Close Open Orders. No trade.

The MPC left rates at 5.00% in the UK, and with the ECB remaining hawkish on inflation, look for further gains of the Euro against the Pound if it is able to break above the .8000 level. Stay tuned for new trade ideas.

Trade Idea: 2008-07-07 22:33

crosseyed chart

Good evening! EUR/GBP has been treading higher, especially today after UK industrial data drops unexpectedly. This trend may continue higher, but not before a possible retracement back to the rising trendline.

On the chart, we can see the rising trendline drawn where we may see support and without major risk events in the line up, technicals may play out for the upcoming trading session.

So, we’re keeping it simple today with a basic chart setup. Let’s see how it goes…

Long EUR/GBP at .7910, stop at .7870, pt1 at .7950, pt2 at .7990

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.

Stay tuned and good luck!