An Effective Strategy:
The EURGBP cross rate moved higher before Chairman Ben Bernanke's congressional testimony was delivered. It registered a recent high @0.8590 when the EURUSD moved to 1.2997 before it fizzled out to its intraday low of 1.2866.
This gave the EURGBP some breathing room as its corrective mode have been more in line with the EURUSD for now. However, during such time the USD Index moved lower @83.46 and worked its way back higher as of this writing @84.18 attempting to recover back what it lost during the mid-American session. The chart comparison we have applied was an extensive due diligence that have led us to execute our earlier trades dated the 10th and 15th of May. And this is described in our sequencetial market view analysis since the start of May in anticipating a probable breakout for the US Dollar Index and tightining price action of the EURGBP Cross. Since we have missed out of the Aussie decline we in turn have been able to execute and long position for the USDCHF as a counter-trade strategy.
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