GbpUsd trade idea

By | January 17, 2017

Sterling is going to be volatile and possibly best left alone until Theresa May has spoken later today.

Technically though, a chart gap exists up to 1.2180, where there should be plenty of sellers should we see it trade back up there. Leaving a speculative offer at that level, in case of a spike higher, with a SL placed above 1.2260 (61.8% of 1.2430/1.1980) may be a plan worth considering, while looking for a resumption of the downtrend, back below yesterday’s 1.1980 low and possibly back to the flash-crash (MT4) low at 1.1821. (Note that the recorded Reuters low was 1.1491).