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GBPCAD Works Its Way Into a 15 Minute Rising Channel Ahead of U.K. Jobless Claims and Inflation Reports

GBPCAD Works Its Way Into a 15 Minute Rising Channel Ahead of U.K. Jobless Claims and Inflation Reports

2011-02-16 16:30:00
Michael Wright, Currency Analyst
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Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Short GBPCAD

1.5929

1.574

1.630

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Long USDJPY

83.43

83.8

83.8

*Note: EURUSD short is from the last updated report on Thursday

The GBPCAD has worked its way into a narrow ascending 15 minute channel ahead of the U.K. jobless claims and inflation reports which will be released at 9:30 and 10:30 GMT respectively. Indeed, the pound has posted an impressive rally over the past 24 hours as inflation in the U.K. rose to its highest level since November 2008. However, as employment concerns linger, a dismal labor force report could lead the pound to retrace some of yesterday’s gains. On the other hand, a better than expected release paired with an upbeat inflation outlook could extend gains in the GBPCAD. All in all, we will look for a break and close below the 15 minute rising trend line before placing a short position. As price action moves in our favor, make sure to place a trailing stop in order to avoid any unforeseen losses.

GBPCAD 15 Minute Chart

Intraday_Trading_02_16_11_body_gbpcad.png, GBPCAD Works Its Way Into a 15 Minute Rising Channel Ahead of U.K. Jobless Claims and Inflation Reports

Charts Created Using FXCM’s Strategy Trader

Close: 1.5964

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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