SHORT EUR/GBP on expectation of a weak German IFO print

FX:EURGBP   Euro / British Pound
The area around .8670 has been an area of historical resistance from March 2013. With RSI oversold conditions falling on H4 and H1 time frames and a doji reversal on H4, from a technical standpoint a SHORT here represents excekllent risk/reward.

Friday saw a raft of generally disappointing Eurozone PMI's and should the latest German IFO business sentiment survey disappoint (due 09:00 GMT Monday) the pressure will grow on the ECB to return to an explicit easing bias before year end.

Thursday sees the latest German Unemployment Change and a miss here will bring further pressure to bear on the EUR.

We are SHORT this market from .8663 with a STOP at .8680 for a tight 17 pips.


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