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1/19 Close GBP/USD Trade at 1.4229 +71
1/19 First Entry Triggered
Place Order to Sell GBP/USD at 1.4300 TRIGGERED
Stop at 1.4500
Place Order to Sell GBP/USD at 1.4410
Stop at 1.4610
3 Currencies are in play this week – GBP, EUR and CAD. We believe that the Bank of Canada should lower rates but we want to see a deeper retrace in USD/CAD before getting in. We’ll revisit the CAD / BoC trade tomorrow.
In the meantime, UK data has been terrible and we believe that this week’s inflation, employment and retail sales figures will reinforce the market’s concerns about the U.K. economy. CPI is scheduled for release tomorrow and with oil prices falling, inflation is likely to decline. More importantly, BoE Governor Carney will be delivering his first speech of the year on the economy and we believe that it will echo the caution heard from this month’s BoE minutes. Earlier this month, U.K. policy makers expressed concerns about financial market volatility and lower inflation.