Currencies: Caught in a trap

In this era of Devalue Trading (©Lee Oliver & the weeklyFiX), it is clear that many market participants are struggling to work out which currency stinks the least and is therefore worth buying. Take EUR/GBP; it’s been up and down like a whore’s drawers over the past couple of weeks, but is ultimately little changed. Analysts have made good cases for significant breaks both up and down and, typical of a range-bound currency pair, EUR/GBP has looked very bid at the highs and offered at the lows.