[Aborted -23 pips] GBP/USD Trade Plan
Created August 25th 2023, Updated September 13th
DERBYSHIRE GB / 2023, September 13th, 2023 - Trade aborted as UK GDP month on month misses forecasts coming in lower than anticipated which is likely to pressure the GBP/USD to the downside.
DERBYSHIRE GB / 2023, September 12th, 2023 - Take profit amended along with the formatting of the analysis.
DERBYSHIRE GB / 2023, September 11th, 2023 - If you wish to view the article please join as a paid subscriber and sign up for a free trial. The plan calls for continuation but to be reviewed again post UK GDP and US CPI reports on Wednesday.
DERBYSHIRE GB / August 25th, 2023 - Trade plan created.
Decisions to trade are made at your own risk.
GBP/USD Analysis
The GBP/USD is losing value with a fall from nine month high of around $1.315 due to dollar strength as sentiment prices in the Fed Fund rates being higher for longer. The momentum is bearish as price falls below the 100 day moving average of around $1.26 and towards the 200 day moving average of $1.24.
The GBP/USD is expected to see support from:
Sentiment exhaustion regarding Fed Fund rates remaining higher for longer.
No recent fundamental factors pressuring the pound
The expectations of the upcoming economic events are likely to further pressure the GBP/USD based on the market consensus. However, be cautious when the data is released as deviations can cause significant changes to sentiment.
Wednesday may see pound losses if the monthly GDP report shows a contraction.
Wednesday may also see a stronger dollar as the US CPI report is expected to show a faster inflation rate.
GBP/USD Trade Plan
The trade plan for the GBP/USD is to execute a buy when the pair dips towards the 100 day moving average.
BUY 1.249 | STOP LOSS 1.229 | TAKE PROFIT 1.261
Gavin Pearson
Retail trader since 2008
Specialises in forex G7 currencies
Funded account from the5ers.com
Member of the eToro Popular Investors Program
Regular contributor to FXStreet.com analysis and education pages
Jeepson Trading Fund
Returned 27% in 2022 and 5.8% in 2023 H1
Forex focused
Copy Trading available at eToro
eToro
eToro is a social trading platform
Users can copy trades by clicking the "Copy" button on the profile page
Disclaimer
Past performance is not indicative of future results
Trading involves risk, and you could lose money
-end-