TD trade of the week: Sell EUR/GBP
The weekly FX pick from TD Securities
TD recommends selling EUR/GBP (spot 0.9200) with a target of 0.9100 and a stop at 0.9320 in its weekly FX pick.
"We think with EUR/USD likely to consolidate at its recent highs, we focus our attention to EUR/GBP as a better candidate to fade recent GBP weakness and add it to our Trade of the Week," the write.
"After rejecting the 0.9300 mark in last week's melt-up, we think there is cope for a retracement towards the 0.9100/30 area, which would broadly coincide with previous highs during June and July. We set a stop just above the 0.93 high."