Good evening! Today’s “Pick” was a difficult one as we have this week’s biggest risk events coming later today with MPC Meeting minutes from the UK, US CPI data, and a host of others.
If we see evidence of the MPC to raise rates to 6.00%, we should see the rally in Cable come very quick. Also, if the US data comes in weaker that expected, iIf not, we will probably see a retracement as this pair looks overbought technically.
For today’s trade, I hope to see a retracement, possibly after the UK MPC Monetary Policy report. This would give us a good opportunity to jump in the longer term uptrend at a better price.
Here’s our idea:
Long GBP/USD at 2.0400, stop at 2.0360, pt1 at 2.0430, pt2 at 2.0500
Please remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
Stay tuned for updates and Good Luck!