Citibank: Go short EUR/GBP at 0.80

via Citi:

  • We are going short EURGBP at 0.8000 with a target of the low 0.7000s and a stop loss at 0.8115. This trade utilizes 20% of capital.

  • EURGBP is testing significant resistance in the 0.8036 – 0.8066 range, including: All the rally highs going back to June 24 around 0.8036-0.8066…200 day moving average at 0.8055

  • As the charts highlights we’ve corrected lower each time EURGBP has approached this area. We expect the same following this most recent test of the 0.8036 – 0.8066 range

  • As a reminder, we exited our original short EURGBP position on November 12 at 0.7848 with the expectation of a short-term squeeze higher providing a better entry level.

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