GBPUSD Possible Trades
This (GBPUSD) is my favourite pair, but what goes for A goes for B in strategy.
Further to short ideas I gave in group prior to NY some of which are shown on chart and closed out today at various levels after a nice fall these past couple of days. Got stopped out on a couple also. Know some of you guys like to trade GBPUSD, so thought I’d post up.
Looking at getting short again tomorrow from area on chart, probably after UK data in morning that will no doubt be positive and we’ll get a pop. In an ideal world the entry levels i’ll look to take are at the 1.2270, 1.23 and 1.2330 marks. i’ll try and update as it happens.
Holding off entering at present as it hits 1.2270 and looking for a better entry. Going to set sell order for between 1.23 and 1.2330 and probably another manual entry as data is released.
Data was decent but had little effect on getting higher and with Dollar weak this morning just going to hold fire until it no doubt strengthens ahead of FOMC minutes later today.
Pound seems to be sinking so trade taken at 1.2260, not the best entry but we’ll aim for 1.22. Should it have a turn around prior to FOMC then will add positions at levels previously mentioned
Added again at 1.2291, mental stop around 1.2360 before I’d start doubting the trades.
Pound has just had a little burst to 1.2320, so looking to try and get another entry circa 1.2330.
Nothing has altered the trades, 1.2360 level held. So will continue to manage and expecting it to start to fall.
Again continuing to hold and good level to get involved if missed earlier.
Can put some loose stops above 1.24 for safety just incase anything wild happens in the night.
Should get back on track tomorrow, i’ll keep anyone involved updated and try get on here prior to 9:30 and UK PMI.
If Dollar strength returns then it won’t matter so much the data, but we’ll trade accordingly.
Pound starting off weak this morning ahead of data, so that should keep the trades alive. Not willing to go much past 1.2360 if the data is good.
Sure a couple of people have asked what I use for data. Ransquark feed (free with some brokers or probably a link somewhere on Google and Investing.com economic calendar is probably quickest.
Continuing despite beat on data (which was fairly expected) but as always despite positive UK data we have that cloud known as Brexit and Dollar is the strongest on block this morning. So 1.2330 level should be enough to hold.
So 3 short trades at 1.2260 / 1.2291 / 1.2330. Was touch and go through the night at times.
Going to close 1.2330 trade shortly (currently 1.2275), hopefully around 1.2270/60 level. Let the other 2 run unless big miss on data at 3:00 and then see how close to 1.22 we can get to as wanting close out ahead of NFP tomorrow
Closed out unfortunately, just didn’t go right in the end 🙁
Gap has been closed. With PM May giving speech at 11:45 where she is going have to stick to the ‘Hard Brexit’ stance it’s not looking good for the pound. I got short at 1.2170 following data but it’s going to be a volatile few hours. My advice would be to get multiple short entries up to 1.2220 and aim for 1.20 handle.
Depending on speech and if we get a close below Monday’s low then the door is open for a run at 1.15, simple plan of sell the rallies will be plan of attack. Ideally after positive UK data.
GBPJPY is also looking like a great trade if you can stomach that pair but be careful with Trump coming to office on Friday.
Positive spin from May, but the drop is going to come. i’m lining up now it’s at 1.2330. looking for signs of exhaustion and will be selling it right down.
Not been able to get an entry today, surprised how well it’s done following May’s comments. Have to sit out until Dollar strength returns or see that this Pound move has legs and just going to take scalps. Still holding my trade unfortunately, so looks like I might be giving back from the gap at week open.
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