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GBPUSD Longs Scalps In Play- Going Against the Grain in EUR?

GBPUSD Longs Scalps In Play- Going Against the Grain in EUR?

2013-01-07 21:23:00
Michael Boutros, Strategist
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EURUSD- Currently holding a small short scalp off 1.3105 targeting 1.3085 with stops at 1.3125. Despite this intra-day scalp, prospects on the pair remain bullish above the 1.30-handle with only a break below 1.2880 (Dec lows) putting us back on the bearish side. Topside targets 1.3165 and 1.3280 with our longer-term objective eyed at 1.3345-1.3360.

EURUSD Daily Chart

EURUSD Scalp Chart

GBPUSD-Both our pound targets cited last Thursday were triggered at 1.61 and 1.6070 before the pair rebounded off the key 61.8% Fibonacci retracement taken form the November advance. The sheer magnitude of the rebound bodes well for the sterling and a long bias was established with a breach of the opening range high in New York at 1.6074. Topside targets are again eyed at the 38.2% retracement at 1.6140, a level which has served as a key pivot in price action over the past few months, and is backed by the monthly pivot just shy of the 1.62-handle.

GBPUSD Daily Chart

GBPUSD Scalp Chart

For updates on these setups and more follow me on Twitter @MBForex

---written by Michael Boutros, Currency Strategist with DailyFX

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