NEWS / Foreign Exchange

In the EUR/GBP (closed)

First off, I want to apologize for not having been able to update my report here at FXstreet.com for the last almost three weeks.

I decided several days ago to leave behind the only bet I had been holding as of late, a short EUR/GBP position opened on March 14 (and disclosed here on March 21), at around breakeven. This was an underleveraged bet targeting a depreciation of the cross pair enroute to the lower half of 0.67, possibly even lower.

While confronted with recent 'fundamental tests', the Pound did not quite behave the way I thought it would - still, as usual, I was not going to fight the market.
A much bigger regret still is that I did not hold the long EUR/GBP position taken on January 23 - a position I could have closed out and reversed on March 14 -, as well as that I could not go long the EUR/AUD with my traditional broker on January 22 when a bullish call emerged in my letter to clients of that day.

I will seek to reposition in the EUR/GBP, under certain circumstances.