DERBYSHIRE GB / AUGUST 22nd, 2023 - This is the GBP/USD trade plan and contains the go to market strategy.
Short Range Trade Opportunity
The previous three week moves have been slowly climbing from 1.265 to 1.278 on the back of a stronger GBP as higher rates may be required. The base case for events this week are favoured towards a steady pound, however an unexpectedly low PMI reading could signal that the BoE need to halt any further hikes and cause significant pound weakness over the short term.
Technical Evaluation
The GBP/USD is currently trading in the $1.27 area which is:
50 pips below the short-term (50-day) average at $1.28
100 pips above the medium-term (100-day) at $1.26
300 pips above the long-term (200-day) average at $1.24
Research suggests that the value of the GBP/USD at this time is to stay above the $1.26 area.
GBP/USD Trade Plan
The GBP/USD trade plan is to buy from $1.269 with stop loss at $1.259 and profits to be taken at 1.275.
Gavin Pearson
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Specialises in forex G7 currencies
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