Long GBPCHF, Short EURGBP - be careful not to double up....

Hey Traders,

Yesterday I presented an enthusiastic argument for GBPCHF long based of a variety of factors, but the irony was that when it came to placing the trade yesterday...I actually went short on EURGBP instead.
Even though it may seem like an entirely different currency pair at surface value, the fact of the matter is that trading EURGBP short is pretty much the same trade as GBPCHF long. Just in the same way that Swissy and Euro are negatively correlated.

The EURGB short:-

Trading an inside bar breakout (short) which has rejected a horizontal level @7956 in addition to the previously tested 50ema. The lower high on the hourly is encouraging too, signalling confirmation from the shorter term sentiment. Also the 50 fibonacci retracement from the previous swing high (correlating with the level is encouraging) in addition to the interaction with a well-respected trendline.

You may notice that the argument for the EURGBP short was exactly the same (but inverse) of the GBPCHF long trade from the blog posted yesterday...

Beware of this as sometimes it's very easy to be caught out by over exposing yourself to any one particular move. Imagine had you traded both GBPCHF long and EURGBP short - then you've doubled up your exposure to any one particular outcome...