EURGBP Long Looks Good After British Inflation Data


Trading strategy: Long

Open: 1.2220

Target: 1.2470

Stop-loss: 1.2300 (raised from 1.2140)

Recommended size: 2.50 mini lots per $10,000 in your account

Short analysis: RSIs are biased up while the daily cloud top and the converging 10, 21 and 55-day SMAs lend support. We remain long for 1.2470, just below March high.



Trading strategy: Buy

Open: 1.4140

Stop-loss: 1.4010

Recommended size: 1.54 mini lots per $10,000 in your account

Short analysis: Today’s GBP/USD fall was stopped by the 14-day exponential moving average and a daily low was just above our bid order. Price action suggests, however, that a corrective move may be even deeper in the days ahead. We have lowered our bid to 1.4140.



Trading strategy: Short

Open: 107.20

Target: 104.50

Stop-loss: 108.20

Recommended size: 1.61 mini lots per $10,000 in your account

Short analysis: The USD/JPY continues to be supported by the 55-day SMA. On the other hand, the pair did not manage to break above the resistance at 107.61, daily high on April 16. The USD/JPY signals are mixed.



Trading strategy: Sell

Open: 1.2580

Target: 1.2320

Stop-loss: 1.2710

Recommended size: 1.45 mini lots per $10,000 in your account

Short analysis: The USD/CAD rallied on dovish BoC rate hold and we used that rally to open a short position. Long upper wick supports our view. The target is 1.2320.


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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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