EURGBP in a range: trading only at the edges

[FXS London Scalper]

EURGBP often spends London mornings in a narrow range. A rule that suits it: trade only at the edges, never in the middle.

A way to define it:

• Mark the range from 07:00 to 08:00 London, plus the Asian session high and low.
• Only consider entries within a few pips of an edge, with a stop just outside.
• Target the middle of the range, not the far edge.
• Stop trading the pair when UK or eurozone data is due, or after a clean break of the range.

The weakness: spreads on EURGBP are usually wider than on EURUSD relative to the range size. A worked example: a total cost of 1 pip against a 6 pip target is 17% of the target. That needs a good hit rate to work.

How to test it: from H1 and M5 data, count how often price touched an edge and reached the middle before breaking out. Do it for at least a few months, separately for data days.

Breakouts on EURGBP often come with news on one side, so knowing the calendar is part of the strategy.

Does anyone trade EURGBP this way?