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EURGBP and USDJPY Trade Picks - Booking Profits

EURGBP and USDJPY Trade Picks - Booking Profits

Nick Cawley, Senior Strategist

Check out our New Trading Guides: they’re free and have been updated for the second quarter of 2018

Booking profit on short EURGBP

We are closing out our EURGBP short position we entered at 0.88315 at the current market price of 0.87600. While we remain medium-term bearish of EUR and believe the GBP may turn around from its oversold position, the trade is taking longer than expected. We would look at other GBP crosses for a positive Sterling set-up

Original/updated trade recommendation: EURGBP - Pending Short as 200-DMA Nears

Booking profit on long USDJPY

Another position we still believe may hit our final target but with the US dollar showing signs of short-term fatigue we will close our position. We went long USDJPY at 108.500 and hit our first profit target at 109.700 just after Friday’s NFP release. We now close out the other half of the trade at the current market price of 109.520.

Original/updated trade recommendation: USDJPY Pending Long on Further Weakness

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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