FXWW News/GBP crosses

GBP/CAD: Nasty reversal after failure to trigger stops above 1.8200

I mentioned those stops yesterday above 1.8200 in GBP/CAD and the market had a real go at trying to trigger them during European trade. As can be seen from the subsequent down-move, stop-triggering can also be a dangerous practice and I’m sure some dealers were left sitting on large longs at the top of the market.

I’m afraid that I’ve still got no feel whatsoever for these markets and it will once again be a matter of grinding through this down period, with very small positioning, until the lights come on again.

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