Yesterday we went short GBPUSD at 1.5610 targeting 1.5260-1.5330 with a stop at 1.5720. This trade utilized 15% of capital.
The price action today in both EURUSD and EURGBP (and to a certain extent GBPUSD) inclines us to believe that we can see both a USD squeeze lower and a EUR squeeze (higher near term)
We are now long EURGBP at .7090 (GBPUSD at 1.5610 and EURUSD at 1.1068). We are targeting a move towards at least .7224 and possibly as high as .7385 again (and possibly quite quickly) Our stop loss is at .6975