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Faraday: Trading Sterling’s strength in EURGBP
Thomas Light from Faraday Research notes that the recent strength in the pound has been “very impressive”. More dovish than expected policy minutes from the Bank of England last week sent the pound to its highest levels in nearly a month. Investors, like Thomas, believe that this strength could continue despite the slight retracement from last week’s highs. Thomas is looking to leverage the currency’s strength in EURGBP. Prices are moving lower on the daily candle chart and technical indicators signal a market which is trending lower.
On the hourly candle chart, Thomas points out that a small double-top reversal pattern has appeared around 0.7200. He is looking to place a stop above this level at 0.7216 and is targeting the March low of 0.7060.
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