DERBYSHIRE GB / JUNE 21st, 2023 - This is the GBP/USD trade plan and contains the go to market strategy.
Trade Opportunity
The Pound Sterling Playbook has identified that the GBP/USD may slightly appreciate over the short term. This is anticipated as a result of investors seeking the higher rates that the Bank of England will need to maintain in order to combat sticky inflation which is in contrast to the Federal Reserve who are at or approaching the end of their hiking cycle.
Technical Evaluation
The GBP/USD is currently trading in the $1.27 area which is:
200 pips above the short-term (50-day) average at $1.25
300 pips above the medium-term (100-day) at $1.23
700 pips above the long-term (200-day) average at $1.20
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 levels above 1.27 with stop loss below 1.26 and profits to be considered in the 1.29 area.
Gavin Pearson
Retail trader since 2008
Specialises in forex G7 currencies
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