The Cable (GBPUSD) charts shows a down trend on the daily and weekly charts. This is consistent with a long term view of the US economy doing better than the UK according to recent data releases. An initial impulse has broken a 4H up trend to the downside and has retraced to 0.618 during the 17 Dec 24 Asian session.
I have gone short at 1.2700 and SL 1.2770. I have two targets: first TP at 1.2630 and second at 1.2570 giving risk to reward ratios of 1:1 and 1:2 respectively.
Caution is advised as the FOMC are announcing their Dec interest rate decision this Weds and UK BoE on Thursday. I shall review positions in about 24 hours therefore.
I have gone short at 1.2700 and SL 1.2770. I have two targets: first TP at 1.2630 and second at 1.2570 giving risk to reward ratios of 1:1 and 1:2 respectively.
Caution is advised as the FOMC are announcing their Dec interest rate decision this Weds and UK BoE on Thursday. I shall review positions in about 24 hours therefore.
Trade active
As a precaution I closed half my position at break even prior to UK CPI data release at 07:00 GMT. This came at 2.6% as expected. Half a position still open for now.Trade closed manually
I've closed my trade for a small profit ahead of the FOMC announcement. The price has been going sideways and I prefer to sit this one out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.