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

RELATED QUOTES

SymbolPriceChange
EURUSD=X1.38150.00
GBPUSD=X1.68020.00

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

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

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2522-0.0002-0.01%
    USDSGD=X
    1.7299-0.0003-0.02%
    EURSGD=X
    2.1038-0.0003-0.01%
    GBPSGD=X
    81.9163+0.134+0.16%
    SGDJPY=X
    6.1921+0.00010.00%
    SGDHKD=X
    2.5939+0.0084+0.32%
    SGDMYR=X
    9,128.2998+9.4375+0.10%
    SGDIDR=X
    4.9723+0.0019+0.04%
    SGDCNY=X
    1.1680-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.60-7.40-0.57%
    GCQ14.CMX
    19.35-0.25-1.26%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.050.00+0.02%
    HGK14.CMX
    104.15-0.15-0.14%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.114-0.001-0.87%
    B22.SI
    0.129+0.004+3.20%
    545.SI
    0.610.0000.00%
    E5H.SI
    0.143+0.004+2.88%
    5GB.SI
    2.190.0000.00%
    JS8.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.045+20.93%
    5UE.SI
    0.179+0.019+11.88%
    T16.SI
    0.305+0.020+7.02%
    5CF.SI
    0.16+0.010+6.67%
    A03.SI
    0.74+0.045+6.47%
    L02.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.158-0.012-7.06%
    5PF.SI
    0.13-0.009-6.47%
    A59.SI
    0.22-0.015-6.38%
    E94.SI
    0.127-0.008-5.93%
    574.SI
    0.19-0.010-5.00%
    C04.SI