EUR/GBP: Long at .7050, s/l .6980 oco t/p .7475

EUR/GBP: I really like the medium-term risk reward for contrarian bulls around current levels .7050. Bearish momentum has stalled for the last 5 months and if .7000 can hold again then we should see another round of macro short covering leading to a very solid bounce back towards .7500. I’m not sure where the next batch of bearish EUR drivers are going to come from so I’m betting on E$ heading back towards 1.15 and cable drifting slowly lower towards tech support levels at 1.5350 over the next few weeks.

Courtesy of The FXWW Chatroom on Reuters Messenger: http://www.fxww.com/product/fxww-chatroom/

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