ERU/GBP - Buy Side Preferred - 5/26/2016
If you start throwing all sort of fundamental arguments on this pair then it becomes more confusing. So let's see if we can make things simple and device a good risk/reward trade.
Euro side - Fed is in 'to be or not to be' mode. Which only makes EUR/USD trade more confusing. Most people are looking at the US dollar side equation of Euro forgetting Great Britain ;). Here we believe euro side of equation doesn't matter much because major dog is Braxit.
Pound - British pound is all worked up with polls sliding towards 'no exit'. That means, most of the positivity has already been poured into the dough. If final vote result comes in as UK not leaving the Euro zone then there isn't much upside left or most people will try to cash in their long pound trade. That is going to leave the pound vulnerable to the downside. ( Earlier we played the other side of Braxit fear when GBP was kicked lower by grabbing GBP/USD long near the 1.40 )
To cut it to the chase, we are looking to get long EUR/GBP between the range of 0.7400 and 0.7500.
Euro side - Fed is in 'to be or not to be' mode. Which only makes EUR/USD trade more confusing. Most people are looking at the US dollar side equation of Euro forgetting Great Britain ;). Here we believe euro side of equation doesn't matter much because major dog is Braxit.
Pound - British pound is all worked up with polls sliding towards 'no exit'. That means, most of the positivity has already been poured into the dough. If final vote result comes in as UK not leaving the Euro zone then there isn't much upside left or most people will try to cash in their long pound trade. That is going to leave the pound vulnerable to the downside. ( Earlier we played the other side of Braxit fear when GBP was kicked lower by grabbing GBP/USD long near the 1.40 )
To cut it to the chase, we are looking to get long EUR/GBP between the range of 0.7400 and 0.7500.
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