I started tracking these situations because my GBPUSD long scalps on those days often stalled.
What my notes show:
- When GBPUSD rose and EURGBP fell at the open, sterling strength was broad and GBPUSD longs worked better.
- When both rose, EURUSD usually rose faster, so EURUSD was the better trade.
- When the two moves cancelled out, the session was often choppy.
Has anyone formalised this kind of cross check? Do you use EURGBP or something like a sterling index?