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The EUR/GBP pair ended up unchanged for the previous week as we continue to tread water around the 0.8050 level. The fact that the market has been able to stay this highlights does suggest that there is a bit of strength underneath the move, and as such we have to admit a bit of surprise.
Because of this, we are not very interested in trading this pair at the moment. We think that it will continue to bounce around between the 0.79 and 0.81 levels in the meantime. With that in mind, there isn't much room for the long term trader to participate. If we managed to break down below the 0.79 level we would not hesitate to start selling again as it is with the trend.