Euro Cross Pick 11.16.2012

DailyFX

Indeed, we’re short the EURGBP from 0.8050 following the pullback from the fresh monthly high (0.8063), and we will preserve our position ahead of the Bank of England (BoE) Minutes as the central bank scales back its forecast for undershooting the 2% target for inflation. In turn, we will maintain our initial target around the 100-Day SMA (0.7961), but may look to tighten our stops next week in order to preserve our profits.

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