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Cable has risen for the ninth day in row against the Greenback, and with the pair touching a monthly high at 1.9549, there may be a great opportunity to short the overbought pair and get into a possible USD correction. If the pair breaks and sustains above the previous monthly high, then we may see the pair rally to the R2 pivot point line.

We have a few major news reports that may help push our trade later today, starting with GBP Consumer confidence at 5:30 am EST. At the beginning of the US trading session we have a pair of potentially market moving US data including PCE Price Index at 8:30 am EST and the Chicago PMI number at 10:00 am EST. Here are a couple of trade ideas:

Long GBP/USD at 1.9570, stop at 1.9540, pt1 at 1.9590, pt2 at 1.9620

or

Short GBP/USD at 1.9500, stop at 1.9530, pt1 at 1.9460, pt2 at 1.9420

Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.