Discussion in 'Forex' started by nycfxproptrader, Apr 20, 2004.

  1. Traders say that the EUR rally, on the back of ECB member comments, has also sparked the short-squeeze in Cable. GBP/USD rallied through stops at 1.7935 to trade to 1.7960/70. This market is very choppy with traders keeping tight stops
    on the currency pairs for fear of a sharp reaction to Greenspan.
    Stops on the downside remain at 1.7890 but more are reported at 1.7875 as well.
    Resistance is seen at 1.7990/00 on this move up.

    Short trade taken in London is suffering a setback as oversold intraday studies get worked out, particularly after the 61.8% retracement support near 1.7910 was broken but prices did not follow-through lower. Initial resistance at 1.7960 tripped. Our stop is above hrly resistance at 1.7990.

    Daily and weekly charts remain bearish so hanging with shorts.