The GBP sets up for a short. After the initial news reaction, price was unable to get back above the Asian session low. A bearish engulfing candle followed and we find an entry with a 10 pip stop loss and a potential 50 pips to our Target 2. As price moves slowly down we lock in profits in advance of the US Open. We are eventually closed at our profit stop by a stop and reverse early into the US session.
It’s a busy news week. Good luck with your trading!
Back tomorrow if we find a trade.
