EUR/GBP: Buy dips, more to come

A complacent EUR-short market got nastily burnt overnight and there will be more macro positions out there who will be nervous headed into the year end.

In EUR/USD, I’d suggest a short-term volatile range between 1.0825/1.1050 whereas I still expect cable to be very toppy near 1.5250.

EUR/GBP has an obvious technical target at .7500 and I think that is where we are headed. The question as always, is how quickly are we headed there? I don’t like adding to positions on breaks, so best to sit patiently and wait for intraday dips.

My extended target for this pair, once the big macro stops start going off, is .80.

 

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