6 Sep 2013
Flash: Short EUR/GBP at 0.8495 and/or below 0.8397 to target 0.8160 - UBS
FXstreet.com (Barcelona) - After successfully recommending a short trade on EUR/GBP, targeting a test of the support at 0.8397/0.8412, Richard Adcock, FX Strategist at UBS, updated clients saying "we suggest closing the short at 0.8425."
Key Quotes
"How the range is defended over the coming days is vital, as any closing break will not only see an important support give way, but also the MACD below its zero line and a clear reversal in sentiment. As such, any recovery from the support appears limited."
"We suggest working offers to get short again at 0.8495, just under the 38% retracement of the latest sell-off and/or on a close below 0.8397, targeting the deeper 62% level at 0.8160, with stops initially at 0.8535."
Key Quotes
"How the range is defended over the coming days is vital, as any closing break will not only see an important support give way, but also the MACD below its zero line and a clear reversal in sentiment. As such, any recovery from the support appears limited."
"We suggest working offers to get short again at 0.8495, just under the 38% retracement of the latest sell-off and/or on a close below 0.8397, targeting the deeper 62% level at 0.8160, with stops initially at 0.8535."