Cable is at a horizontal level with continuation divergence and looks like it could move to the upside, before we see price stall and create a head and shoulders pattern.

I'm short…

Westpac - "We have run with a positive bias on GBP for some time now, having chosen to hold this via short EUR/GBP. On Feb 26, we recommended selling EUR/GBP on strength, establishing a full short position at an average price of 0.8718. On March 28 we recommend taking back half of that short position at 0.8440.

We have hit our trailing stop (0.8585) on the balance of this position and have now closed it for a 2.36% return to our portfolio.

On April 11 we recommended rolling from…

Both the euro and the Japanese yen made newsworthy counter-trend moves against other major currencies near the end of the 4 - 8 February trading week. Since I've spilled plenty of ink on the Euro Yen in recent Trade of the Week (TOTW) posts, I'm going change it up this week and focus on the British pound, which made a notable counter-trend move against the US dollar.

For the conservative trader, taking a position against the prevailing multi-week trend can be tough at best,…

EURUSD

Staying put inside a channel/triangle, the Euro continues to oscillate virtually on a weekly basis since early Sept.  Since we are still midway through the triangle, I expect it to continue as we generally do not exit triangles till later on in the pattern.  That plus the elections in the US will likely keep things tamed down a bit for the next few weeks.

It should be noted the last 6 weeks of price action have all been …

The US dollar declined against the major European currencies for the second consecutive trading day. High risk-to-reward long trade setups on the EUR/USD and GBP/USD currency pairs materialized during the third hour of the New York morning session.

Seeking 1-on-1 mentoring? Email me >> curt (at) fxbootcamp (dot) com

Curt…

My picks for Trade of the Week (TOTW) have consisted largely of trade setups which materialized during the New York morning trading session. As FX Bootcamp's trader coach covering that session, I'm likely a bit biased toward that session spanning from 8:00 a.m. to 12:00 p.m. New York time, yet I've not deliberately sought to exclude opportunities for entering trades during the London session in my past TOTW posts. I always strive to conduct an objective review of all reasonable trade setups…

The British pound recouped its London session losses against the US dollar during the final three hours of the European trading day. A 50-pip rise on the pair known as cable was the highlight of an otherwise lacklustre post-NFP Monday.

Curt Wehrley

Twitter: @fxcoachcurt

Currency Strategist &…

Patience was key to profiting from trades taken in today's rather lacklustre New York morning trading session. Shorting the US dollar against the major European currencies was generally a profitable strategy, although picking the right horse did make a difference.

Curt Wehrley

Twitter:…

Logical opportunities for currency traders to hit the buy button materialized on multiple major currency pairs during today's New York morning trading session. Cable stole the spotlight with a 120-pip rally which started soon after the U.S. equity market open.

Curt Wehrley

Twitter: @fxcoachcurt…

The U.S. dollar was mixed on the final day of July as markets awaited multiple major news events splattered over the second half of the trading week. Greenback bulls and bears alike found logical opportunities to profit from price action on two major currency pairs.

Curt Wehrley

Twitter:…

The Office for National Statistics (ONS) is scheduled to publish UK first quarter growth domestic product (GDP) data on Wednesday at 9:30am London time (4:30am New York time). The ONS publishes three separate GDP estimates over as many months for each quarter. Tomorrow's preliminary release will provide the first estimates of GDP figures for the first quarter.

As the graph below illustrates, the UK has recently wavered between…

The United Kingdom's Office for National Statistics is scheduled to release its Consumer Price Indices report for February on Tuesday at 5:30am New York time (9:30 GMT).

The combination of fewer surprises in CPI readings over recent months plus lower volatility across the currency market has likely contributed to more muted responses of late on the pair known to many traders as cable:…

The United Kingdom's Office for National Statistics is scheduled to release its latest labour market statistics, including the number of people claiming Jobseeker’s Allowance (JSA) in February, at 5:30am New York time (9:30 GMT).

Volatility in the claimant count change data has lessened over the past several months, as has the response of the GBP/USD currency pair to the report:…

The British pound rallied against multiple major currencies over the course of the European trading day.

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Curt Wehrley

FX Bootcamp's…