The GBPUSD moved lower in the first half of the U.K. session after Britain’s CPI and PPI economic releases missed expectations. With the USD weaker again today, a long was taken risking 15 pips for a potential 63 pips to our daily target at 1.3830.
I wasn’t comfortable taking a 25 pip stop loss beneath structure today, so if the pair moved against me by 15 pips the trade would have closed. The pair had upside momentum on the 15 minute chart at the time of entry, but it also had some technical resistance levels to get through… which it managed to do as the USD faltered.
We closed the trade at the end of the U.K. session about 10 pips shy of our target.
Thursday will have the EU Leaders Summit and there are some important economic releases early in the the U.S. session to be aware of.
Good luck with your trading!
