Britain has elected Liz Truss to be the new Prime Minister replacing Boris Johnson.
The U.S. economy remains very strong, as does inflation, which suggests another large rate increase from the Fed later this month.
The current trend for the GBPUSD is lower.
As the North American traders returned today after some August holidays and a long weekend, an entry short was taken after the first bearish candle close. We were willing to risk 20 pips for a potential 60 pips to our daily target at 1.1503.
Price pushed lower and we locked in profit in advance of the ISM Non-Manufacturing PMI release which took price to our target and beyond the 1.1500 figure.
Volumes will be picking up substantially this month.
Always be aware of the larger trends and don’t be blindsided by major economic news releases.
Good luck with your trading!
