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I am viewing the rallies late last week in EURGBP, EURUSD and Gold as opportunities to sell and have done just that.
GOLD – While gold has managed to retake $1180 I don’t see this in isolation but rather in conjunction with EURUSD as it managed to take back 1.25. Should EURUSD continue higher in the next few days then yes there is further upside in Gold however I have sold some today.
EURUSD – So we have taken back 1.25 and this may set us up for a continuation higher into the 1.26’s in the coming sessions. I see any rallies being well capped by the lower top at 1.2887. Alternatively a break and close below 1.2356 will set things up for a continuation lower towards the 1.18-1.20 multi-year support.
EURGBP – Taking advantage of the recent rally in the Euro I’ve gone ahead and sold some EURGBP and forecast this market to continue lower of the course of the next few days. Rallies should meet significant offers ahead of 0.8045.
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