Traders,
The GBP remains eerily resilient among the other major currencies despite immense dollar strength in the prior few sessions. This is leading to much chatter about a larger short squeeze in order for the GBP - which is possible, but still unproven. At this point, we expect our short GBP themed position trades to run 3-6% underwater - which is standard, however only time will tell. Today, we didn't trigger any extra positions because we are now waiting to see if the legs can extend to the outer Fibonacci fans on some of the exotics - namely GBPAUD and GBPCAD. We'd like higher prices to get a really large position in there, and it's possible at this point. We continue to stack larger orders above GBPUSD pending intervention or a possible erratic short squeeze, but until then it just still feels business as usual. Trade safe, and don't fight this last dollar move. It still feels real running into the higher 96.50 handle on the dollar futures.
Regards,
The FXF Team
Request MyFxBook links.
Twitter.com/FuseTrader
Risk Disclaimer: All performance metrics are shown for demonstration purposes only. Past results are not indicative of future results. These statistics are subject to change upon being updated on a timely basis. Any information contained herein is for market commentary only, and does not constitute investment advice. Trading carries a high level of risk, and can result in substantial loss. Please consult with a registered advisor for further consultations. Thank you for stopping by our thread.
Attached Image (click to enlarge)
The GBP remains eerily resilient among the other major currencies despite immense dollar strength in the prior few sessions. This is leading to much chatter about a larger short squeeze in order for the GBP - which is possible, but still unproven. At this point, we expect our short GBP themed position trades to run 3-6% underwater - which is standard, however only time will tell. Today, we didn't trigger any extra positions because we are now waiting to see if the legs can extend to the outer Fibonacci fans on some of the exotics - namely GBPAUD and GBPCAD. We'd like higher prices to get a really large position in there, and it's possible at this point. We continue to stack larger orders above GBPUSD pending intervention or a possible erratic short squeeze, but until then it just still feels business as usual. Trade safe, and don't fight this last dollar move. It still feels real running into the higher 96.50 handle on the dollar futures.
Regards,
The FXF Team
Request MyFxBook links.
Twitter.com/FuseTrader
Risk Disclaimer: All performance metrics are shown for demonstration purposes only. Past results are not indicative of future results. These statistics are subject to change upon being updated on a timely basis. Any information contained herein is for market commentary only, and does not constitute investment advice. Trading carries a high level of risk, and can result in substantial loss. Please consult with a registered advisor for further consultations. Thank you for stopping by our thread.
Attached Image (click to enlarge)