Forecast – BULLISH

Date Posted:       17 Jan 2020

Currency Pair:     GBPUSD

Current Rating:   NEUTRAL

Forecast Move:   UPWARDS

Key Tech Level:    1.3081

Potential Opportunity

Trade Action:   BUY BREAK

Take Profit        1.3167       +75 pips

Entry                  1.3092

Stop Loss          1.3067      -25 pips

Trade Result

Outcome:   CLOSED BREAKEVEN

The position was 30 pips in profit when the UK retail sales data came out much worse than expected. Luckily the stop loss had been moved to breakeven before hand.

Chart & Forecast Details

Sterling has been trading up and down with the fortunes of Brexit and it’s been largely out of play. But I can see a good resistance trendline coming into play today, especially with UK retail sales due for release. If the data comes out strong or if we get any positive news on Brexit we should see GBP break through 1.3080 and rally towards 1.3200.

It’s the best set up I can see at the moment and is worth a ‘small’ trade.

Key Trade Day: Friday 17th Jan – UK Retail Sales

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

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