Looks like the dollar bulls are back…at least for now. Luckily, I was able to adjust my stop loss and catch a few pips before Cable REALLY gained downside momentum.
In my update last week I told you guys how I jumped in at the earliest signs of bullish momentum after GBP/USD bounced from a Fib retracement AND a former rising channel resistance.
But, just like my homegirl Jennifer Aniston and her (about to be ex?) hubby Justin Theroux, some things just aren’t meant to be. In my case, that’s GBP/USD’s bullish run last week.
If you recall, the dollar got back some of the pips it had lost after the FOMC meeting minutes reminded everyone that the Fed is one of the more hawkish central banks out there. Add a bit of bargain-hunting and anticipation of hawkish remarks from Powell this week and we’ve got a fiesta for the dollar bulls.Meanwhile, it was getting hard to push the pound higher without fresh catalysts. It also didn’t help that top-tier reports from the U.K. came out mixed at best.
Luckily, I was able to adjust my stop loss 200 pips higher from 1.3675 to 1.3975 when Cable broke above the 1.4100 handle.
Here’s my takeaway:
+95 pips / +0.23% on 0.50% risk
Pretty bummed that Cable’s uptrend had to end just when I decided to jump in. But hey, a few pips is still good pips, right?
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