The GBPUSD tried to move lower early in the U.K. session but bounced at its Asian session low and moved up to 1.4233 where sellers entered. We went short at 1.4214 risking 20 pips for a potential 67 pips to our daily target at 1.4147. The trade moved lower and we moved our stop loss to a take profit in advance of the U.S. open. The news volatility closed the position and we entered short a second time at 1.4193 risking 15 pips for a potential 45 pips to our target.
Price moved lower to its Asian session low where it paused and struggled at first to move any lower then ultimately any higher. As we approached the U.K. close, price dropped again and we closed the trade.
A good week of trading after a slow start. Today the trading seemed more like a Monday than a Friday with mixed signals from our correlations. Cryptos were the topic of the week and further showed their potential for extreme volatility.
Good luck with your trading and enjoy your weekend!
