Early in the UK session the EURGBP moved down to test its Asian low. It then went sideways for about 3 hours. When the consolidation broke to the downside, we entered short with a 10 pip stop loss for a potential 47 pips to our Target 2. As price moved down, we tightened our profit stop to lock in profits and mitigate volatility on this relatively subdued pair in the event of a new headline about the Greek debt issue. The US economic releases were again positive for the USD and the pair began its continued descent. As price tagged Target 1, we happily exited the position.
Good luck with your trading!
Be cautious around the US releases Friday.
Back tomorrow if we find a trade.
