Tuesday, December 2, 2008
EURGBP is our Trend for the Day
After taking a brief rest, EUR/GBP has resumed its upward climb back toward its November 13th high of .8669. The pound is weaker against many currency pairs as expectations that more aggressive rate cuts will come from the Bank of England. The 38.2% retracement of the October low (.7693) to the November high of .8669 served as strong support. Chasing this market is not advised and a pullback would provide a better risk to reward with stops placed slightly below the .8235 November 28th low.
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