The EURGBP tends to move slowly and it doesn’t have the range of the majors most days, but it can be a very tradeable pair. It tends to be less volatile than the majors too and at times trends very nicely.
This trade set up producing a familiar entry. The pair moves a few pips against us for the first hour, then begins its descent – stair stepping down. We close the trade just above the Asian session low as the UK traders end their week. Price subsequently moves down to our Target 1 without us. The move was modest, but each pip is worth more than 1.5 pips of a USD cross… so not a bad trade to end the week.
Good luck with your trading!
Back Tuesday if we find a trade.
Enjoy your weekend!