Forecast – BEARISH
Date Posted: 18 December 2019
Currency Pair: GBPUSD
Current Trend: UP
Forecast Move: DOWN
Key Tech Level: 1.3100
Potential Opportunity
Trade Action: SELL
Stop Loss 1.3138 -50 pips
Entry 1.3088
Take Profit 1.2738 +350 pips
Outcome:
Chart & Forecast Details
Sterling couldn’t have had a better outcome from the recent election. But all that positive euphoria has disappeared as the reality of a no-deal Brexit looms. The fact that UK PM Johnson is talking about finalising the deal by the end of 2020 has traders unwinding all long GBP positions.
Key Trade Day: Wednesday 19th Nov – UK CPI
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With the position up 100 pips it’s time to lower the stop loss to 1.3032 and make it trail the market by 30 pips from here. Current market level 1.3009.