Good Day everyone,

Firstly let me say what a week so far and for me I am grateful it's nearly over.

I have seen big profits and big losses. I am away from my desk top iMac so I am hoping that I have at least broken even on the week. When I blogged last week saying consolidation would be in the air I did not expect such a bevy of news at the tail end, and, next week we have the FOMC....

For those of you who follow twitter.....@ThePremService, you will know that I exited my EUR/GBP short at 78.6% Fib level, and covered GBP/CHF and USD/CHF trades.

So, right now I am long the GBP/NZD...thank you Mark Carney it is basically filled the RBNZ gap lower from Wednesday and I am still holding the USD/CAD long.

OIL continues to focus my attention, but I have looked at the USD/NOK and instead of the NOK strengthening, it appears to be weakening and I cannot find any copy on why?

I am still at my conference today and away from my machine for a few hours this morning and again this afternoon. I cannot trade but if I could I would be looking to buy the GBP on dips. 1.7000 is a big resistance and just above 1.7000 there is good resistance at 1.7043. But you do not have to focus just on the GBP/USD. Remember the crosses GBP/CAD, GBP/AUD, GBP/JPY and GBP/CHF to the long side you would need to take smaller positions because of  the volatility associated with these pairs. In addition look at selling the EUR/GBP but bear in mind 0.7983 is a 78.6% fib support level.

You must also bear in mind it is a Friday and the World Cup starts it 3 games a day programme from noon EDT. Chances are that most days moving forward the afternoons will slow and the fact that today is Friday exacerbates this. My point is be careful. There are opportunities but be careful. Do not chase the market wait for pullbacks.

If I were to trade today my entry for the GBP/USD would be 1.6920.....will we get there I am not sure but it is safer trade rather than top ticking the long position.

For the GBP/AUD, GBP/CAD, GBP/JPY and GBP/CHF look for at least 50 pip pullbacks from highs. These are all fast-moving volatile currencies, they are dangerous if you get yourself caught top ticking the moves. Below are some suggestions: -

GBP/CHF - 1.5210 to 1.5230
GBP/CAD - 1.8350
GBP/JPY - 172.50
GBP/AUD - 1.7980 (38% of recent move)

If you trade today, smaller positions until they confirmed and for protection move your stop up to protect.

The WEEKLY FX DRIVE THRU will be posted on Sunday this week, as I will be traveling back from New York tomorrow.

Scott

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