Hedging my Position in GBP/USD with EUR/USD

Since the Sterling is down over 200 pips since I bought it yesterday,
I’ve decided to try to hedge my position in a less oversold pair, the
EUR/USD.  This is the first time I’m trying this method.  It
was either this or just exit my position in the GBP/USD
altogether.  I’m hoping to contain my losses to the 200
pips.   I initiated a Short on the EUR/USD at 1.2103 and my
losses are at -203 PIPS as of this writing. 

-W

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