BombayBulls
Long

Pound is Perky But Can We Buy It?

FX:GBPUSD   British Pound/U.S. Dollar
British Pound has always been flagged as moody currency. It has its bouts of ups and downs consisting of couple of hundred pips without reason. Recently it swooned from 1.5800 to 1.5150 without any particular reason and again has rallied from the lows with unknown apparent fundamental shift. Besides today's industrial production data releases can also make it jump around. For euro             , we have clear bias to sell rallies after ECB meeting last week (Which we mentioned in our last trade idea) but for pound even if with long bias it's difficult to pull the trigger until good levels comes in.
We are looking forward to trade pound from long side using following support levels.
1.5350 - Nearest support, so we will be monitoring the price action             closely here because it that gives up then we have another 50 pip hole to fill in.
1.5300 - This is where it is going to be interesting and we can dabble in with some confidence that even if we are wrong in picking bottom, we can come out with little scar or unscathed.
Besides, EURGBP             can also be interesting given the differences between the dynamics. Shorting EURGBP             from 0.7310 expecting 0.7250 , 0.7200 and finally 0.7150 is the trade we will be interested in.
UPDATE : EURGBP short from 0.7310 hit the first target at 0.7250 +60 pips.
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UPDATE : Not too keen on keeping the position here because another trip to lower level looks very likely so we are getting out here at 1.5372 with 20 pips profit.
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