15 Oct 2013
Flash: Long EUR/GBP targeting 0.8820 - HSBC
FXstreet.com (Barcelona) - EUR/GBP shows a very bullish Elliott Wave structure which coupled with an upward sloping 200-day MA, has led Murray Gunn MSTA CFTe, Head of Technical Analysis at HSBC, to open a long position.
Key Quotes
"With measured momentum turning up amidst the background of an upward sloping 200-day moving average and a very bullish Elliott Wave structure we open a long EUR-GBP position at 0.8482 (spot basis)."
"We set an initial stop-loss at 0.8325 and an initial target at 0.8820, although much higher levels are possible. We use the 5- and 40-day moving averages cross as a trailing stop-loss and take-profit signal."
Key Quotes
"With measured momentum turning up amidst the background of an upward sloping 200-day moving average and a very bullish Elliott Wave structure we open a long EUR-GBP position at 0.8482 (spot basis)."
"We set an initial stop-loss at 0.8325 and an initial target at 0.8820, although much higher levels are possible. We use the 5- and 40-day moving averages cross as a trailing stop-loss and take-profit signal."