long eur/usd short gbp/usd short eur/gbp aren't you technically neutral here? I know most fx brokers don't allow you to offset positions this way, so after paying the spread or a commission, couldn't you use this to try to pick price movement descrepencies?
were are the problem??!! the broker gonna take 2 pips for the eurusd 3 pips for the gbpusd 3 pips for the eurgbp and u still gonna have the risk of the cross eurgbp and if u keep it for long term u well loose in the intersest rate where is the point?
There is no risk of the cross eurgbp- it's a fully hedged position. That said, the mispricing will VERY rarely exceed the spread and/or transaction prices. Otherwise it would be free money.
If you want to try to trade like that go take a look at this thread http://kreslik.com/forums/viewtopic.php?t=307&postdays=0&postorder=asc&start=0 I tried a few trades using his system of FPI Basically, you will never beat the spreads or commision, unless you can hit a huge spike on the FPI