Daily Alert: Wednesday 8th August 2018
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The market yesterday was essentially risk-on/no drama.
Equities continue to rise (beware of approaching resistance). I notice today has opened with a slight gap down – so it may be time to get stops near to current pricing in case there is a pause or a move down.
EUR weakness evaporated yesterday so the EUR short ideas did not work out. However, the GBP stayed weak and it was clear from the charts at last night’s close that the counter-currency to trade with the GBP was not the USD or JPY, neither of which were particularly strong, it was, yes, the EUR. So an analysis last night of the charts would have shown EURGBP long (weak GBP, strong EUR) was the trade to take and is currencntly in the money.
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