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Is short EUR/GBP the weekend trade?
The EUR/GBP is falling back towards session lows right now, as it drifts towards 0.8450. The move lower comes as the EUR/USD stalls at earlier highs and slips back and the GBP/USD holds above, or close to 1.28 for the time being. There appears to be some decent sellers pushing the cross lower just now and it could be that short EUR/GBP is an avenue for a hedge against French election risk? Well that would kind of make sense seeing as the markets are now comfortable with the outcome of the UK election, but of course remain to feel the same way about what happens in France on Sunday. Either way it is a risk trade and subject to immediate change on Monday, when the results of the second French vote become known. The EUR/GBP closed last night at 0.8474. It has just now hit a session low at 0.8451
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