Forecast – BULLISH
Date Posted: 17 Jan 2020
Currency Pair: GBPUSD
Current Rating: NEUTRAL
Forecast Move: UPWARDS
Key Tech Level: 1.3081
Trade Action: BUY BREAK
Take Profit 1.3167 +75 pips
Stop Loss 1.3067 -25 pips
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
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