Boris and Kathy's FX Blog www.bktraderfx.com

Today's Email Alerts:

Alert # 6 Back to Short GBP/USD

We are going to try the GBP/USD short one more time, now that US traders are in. We think the combo of weak GDP and severely overbought conditions is worth one more try.

We are shorting GBP/USD (currently (1.9320) Stop 1.9340 T1 is 1.9301 T2 is 1.9272

Alert # 5 Stopped on Short GBP/USD

Momentum has just proven too strong in the GBP/USD and we are stopped at 1.9330 (-18). We are sidelined for now.

Alert # 4 Short GBP/USD on Weak GDP

Wild and crazy night in FX tonight as both euro and pound make new yearly highs, but latest UK GDP data suggests that BoE may hold off on further rate hikes as private consumption moderated markedly from 0.6% expected to 0.4%. We are going to get short here looking for some of the euphoria to wear off.

We are going short GBP/USD Currently (1.9312) stop is 1.9330. T1 is 1.9287 T2 is 1.9245

Alert # 3 Long USD/CAD Out at Breakeven

Very spiky action in thin markets tonight as traders try to gun for EUR/USD 1.3000 and USD/JPY 116.00 creating dollar weakness throughout. As a result we were taken out of rest of of our long USD/CAD at breakeven, so we are (+16) on the trade and sidelined for now.

Alert # 2 T1 Reached on Long USD/CAD

T1 was hit at 1.1418 (+16) we go breakeven on rest of trade targeting T2 1.1454

Alert #1 Long USD/CAD on Reversal

Yesterday CAD PM Harper made a speech about making Quebec a "nation" albeit a cultural one. While the political reaction was positive, traders may not be kind as it can bring back the whole notion of separatism and upheaval that has plagued Quebec-Canadian relations for the past 30 years. Combine that with oil bearish oil inventory on Wednesday and we think shorting the loonie is worth a try.

We going long USD/CAD (currently 1.1402) stop is 1.1380 T1 is 1.1418 T2 is 1.1454.