FXWW News/GBP crosses/Trade Ideas

GBP: Stops triggered but no follow through (bullish sign)

I’ve had a good feel for the GBP in recent months and I’m getting the feeling again that we may soon see another sharp spike higher. There were well reported stops in cable and EUR/GBP but the market seems just about able to muster enough momentum to trigger the stops and then no more.

Obviously it’s a dangerous time to be taking positions just ahead of the Fed but I did manage to get out of most of my longs at 1.6410 so I’m comfortable increasing at current levels near 1.6265 with a stop below 1.6200.

  1. I got out of my GBPAUD long position at break even. I realized that i have got too many positions opened which will get affected from tomorrow’s tapering news.

    Still long on USDJPY and USDCAD. Will add to USDJPY on dip and tomorrow’s news.

  2. Absolutely agree with you Sean. I am trying to get out of USDCAD at break even. Will keep the USDJPY position open though.

    Have a feeling that USDJPY will be well bid irrespective of taper or not. May be there will be a dip, will buy more later.

    Having said that my opinions have been squashed by market more often than not. 🙂

    Will keep an eye.

    Thanks to you, Milan and FXWW for keeping us enlightened.

  3. Got out of USDCAD as well at breakeven.

    Although it is painful to see GBPAUD trending up today. 🙂

    But could not take that risk to stay in GBPAUD before FOMC.

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