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Sell the rallies in EUR/GBP – TDS

FXStreet (Edinburgh) - Against the backdrop of increasing GBP weakness, strategists at TD Securities have recommended selling the strength in the European cross.

Key Quotes

“This weaker tone points to some continuing near term vulnerability for sterling as EURGBP pushes up to a new high for this recovery”.

“We are watching the 0.7483 level as an area of potential resistance (7 May high), but we do not think we are likely to run into much of a slowdown in buying interest until we approach the 0.7550 region”.

“We will monitor how this cross trades if and when we get up there, but that may be where we start looking to fade this squeeze higher and start to look to re-build strategic shorts”.

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