Last week I wrote about EURGBP, saying it’s now time to buy the pair. When I published that article, it was trading at 0.8380; it’s currently trading at 0.8442… about 60 pips higher.
Sixty pips is pretty solid, especially considering EURGBP’s pip value is worth more than most pairs. One standard lot yields ~$12 per pip compared to $10 per pip for something like EURUSD.
But in that article I was looking mostly at the daily and weekly charts. Today I’m drilling down to some lower timeframe charts to show you how this trade is developing and why I’m feeling increasingly bullish. (more…)