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.
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.