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