We will be watching this very closely and keep you posted
If positive numbers come out this morning for UK inflation this will shoot up to the 1.66 area fairly quickly but will be unsustained in our opinion until Friday...
Stay alert !!!!!!!!!!!!!!
Okay so buyers stepping in after good GBP inflation data, we should see some profit taking soon, and a retest to get in at a safer confluence zone, look at the chart as we have popped our head above the resistance line, if we close above this on the daily , this is good news, another reason to get in long is the market at the moment doesn't seem to be paying any attention to any positive data the CAD is giving, so if Friday's data falls short we could see 1.68 + levels .
As we stated earlier once we close above 1.65 on the daily , the buyers will step in, not that were saying " I told you so" ........... but " we told you so" :)
Stay alert .........
Stop set @ break even 1.66 to allow the trade to run
Happy trading guys and have a great weekend , oh there was just one more thing.........
Be alert as BOC Poloz speaking next week and some key GBP data coming out :)
Stay tuned ......for more ideas this week as we we may look to re enter after the data this week.
so stay tuned !!!!!