Rebecca Patterson of CNBC Money in Motion currency trading states in Friday's show (7/1/2011) that she had already recommended being long EUR/GBP before another set of central bank meetings one month ago (there are three slated for the coming week). Her suggestion to traders this week is to stay long EUR/GBP if they are already in, or wait for a pullback to .8960 on the EUR/GBP to initiate a new position.
Ms. Patterson's trade setup is as follows:
Trade summary: Long $EURGBP on pullback to .8960 target .9200 stop .8870 which gives a 90:240 R:RW or 1:2.667.
Here is Ms. Patterson's rationale for the trade:
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