GBPUSD Re-entered short

So the GBP had a short spurt on the news of the PSNB being slightly reduced, which resulted in my stop being hit on my previous trade.   The market has "calmed" again now and I see nothing within the price action or my indicators to suggest any new strength.   I've therefore re-entered at a new level and will monitor the price action from here.

GBPUSD trade stopped out on news

My GBPUSD trade was stopped out this morning for a total profit of 125pips.

I'm watching for a re-entry but am waiting for a higher bounce.

Apparently the UK reduced it's Public Sector Net Borrowing to £15.6 billion form £19.9 billion and although that was not as big a reduction as was forecast.......it's still appears to be giving the £ a boost.

Update: GBPUSD short trade

This trade has progressed well and I have been trailing my stop all the way down (brown lines).

The price has made a lower low but the indicators are flat to up (red lines) and this represents a bullish divergence.   I am therefore expecting a retrace against the trade but my stop is in place and I hope it won't be hit so that I can participate in the onwards ride down.

In any event this has been a nice trade and I've managed it well so I am a happy with that.

GBP/USD Update

My GBP/USD Short Trade has made good progress downward.


The price action appears to be forming a bear flag pattern.   There will always be retraces in any trend on whatever time frame....It's all part of trade monitoring and management.



I've moved my stop to a guaranteed profit position just above the round number of 1.5650 and  my profit target down to just above the 1.5500 level.


I am holding the trade open for further downside pressure and I will monitor the price action throughout the day and move my stop order as appropriate.   Depending upon how the price action develops I may move my target too but as today is Friday I will probably close out the position before the FX market closes this evening as I don't like leaving profitable trades open over the weekend

New short trade on GBP/USD

I took a new short trade on the GBP/USD pair yesterday just before I went to play golf....hence the late post.

You can see my entry point on the chart together with my stopp loss and limit order levels.

Note the direction of the indicators....all downward....

The first important level will be 1.5665 and the second 1.5600....I am expecting resistance at both these levels..but if broken the next level would be around the 1.5550, before heading down to my target.