Pick of the Day: GBP/USD

The GBP/USD has been in a downtrend due to US dollar strengthening. This morning we saw a nice run up in the pair with good economic numbers out of the UK, but it appears the downtrend is resuming. We look to target the previous low in tonight’s pick, but please be aware of Bank of England minutes release at 4:30 am EST, and US economic reports starting at 8:30 am EST. We also have Big Ben Bernanke testifying to the US Senate at 10:00 am EST. Here’s a short trade idea to jump into the downtrend:

Short GBP/USD at 1.8250, stop at 1.8280, pt1 at 1.8225, pt2 at 1.8200