A fairly straightforward short today with the GBPUSD. Its attempt to move and stay above the 1.3000 figure failed and it moved down making a lower high. A short was taken risking 11 pips for a potential 27 pips to our daily target at 1.2974.
Price moved down and penetrated 2 technically important levels from the daily chart. We adjusted our profit stop to lock in profit and allow a retest of the daily technical level. Price continued lower and found buyers in the 1.2927 area. We tightened our profit stop more and after a higher low and our trade was closed before the U.K. Close.
Be cautious trading the GBPUSD due to it’s volatility. Keep stops tight and ensure the reward is worth the risk.
The USD continues to be strong but is testing its 2019 high so expect it to run into some resistance.
Good luck with your trading!
