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Foreign exchange markets continue to be characterised by low volatility, says Saxo Bank's John Hardy, but GBP is approaching an interesting inflection point at 0.90 versus EUR. Meanwhile, industrial metals are lower following a cautious speech by Chinese president Xi Jinping.
Day trade
Trade view / 26 July 2016 at 5:55 GMT

EURGBP signals are not strong, but they are positive

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom
Instrument: EURGBP
Price target:
Market price:
Background

The dominant feature in EURGBP trading at the moment is the fluctuation around the 13-day moving average. Monday saw that situation continue, with prices confined within a narrow range and entirely inside Friday’s range. 

This is an indecisive inside day and means immediate signals for sentiment cannot be strong. Nonetheless. it is the failure to hold yesterday's lows that means our technical studies are left positive.

Management and risk description

A move to 0.8421 means the stop can be raised to break even or better.

Parameters

Entry: buy in .8385/90 area and any dip to 0.8361

Stop: 0.8337 offered.

Target: 0.8421 and 0.8438.

Time horizon: intraday.

Price action in range around 13-day moving average
Around Average













Gradual gainsGradual Gains











Long term trendLong Term



All charts from CQG. Create your own charts with SaxoTraderGO; click here to learn more

Source: Saxo Bank 

— Edited by Robert Ryan

Non-independent investment research disclaimer applies. Read more
1y
brian1983 brian1983
just check still holding eurgbp? 1st target reach. now left 2nd target. gbp still bearish?
1y
AlanCollins AlanCollins
With the stop raised to breakeven, current setback may well have taken that out, but was still a modestly successful view. Bullish call was always likely to be temporary though (our weekly call actually sold at 21) and so would be content to stand aside intraday.
1y
brian1983 brian1983
ok. thanks
1y
brian1983 brian1983
hi may i ask how we shld trade the fomc and boj event? any tips
1y
AlanCollins AlanCollins
Brian. we do technical analysis only and although we hold weekly calls that will encompass those events, our intraday positions are square outside of London 7am-4pm

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