Trade Of The Week: GBPUSD - A Break Of 1.3205 And Look For 1.3079 Target Area

So today we will be looking at the GBPUSD. We are being careful as the Pound is very reactionary to all the Brexit votes in the Commons pllus, any comments from the EU or the UK government. But if we dial down the trade size and keep sensible stops, there is a good trade set up.

We see the down trend from April 17, we also see how structured the market is, as the fall at the end of the week respected the recent low of 1.3205. (6 pips away). The recent rise was held by the 23.6% fib and then as mentioned we had the fall.

If this does not turn into a double bottom, we may see a break of 1.3205 and we will look for 1.3079 area to be hit. As this is better support for cable to make a rally from. So, we will look this week for a break of 1.3205 with a target of 1.3100/1.3080 area.

 

 

 

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Disclaimer: SC Trading Trade of the Week - Sell a Break of 1289.55 to 1282.00

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