I have already posted a sell idea for GBPUSD but with uncertainty surrounding GBP news this week it may be safer to take this trade. Price has already struggled at the 61.8 fib level but I am looking for price to break just through and then rebound off of the 78.2 level. This next fib level is confluent with a bearish TL I have plotted and could provide a nice Risk:Reward ratio starting at 1:3 and could even reach 1:8 depending on how long the position is held for. When the market reopens later tonight I will be carefully watching price and opening this sell position and holding for the rest of the week.
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Monday: Price made some good movement towards our entry target but then had a sudden spike down. I will still look to enter the trade at the same point at the 78.2 line and tomorrow I will be looking for a bounce off the 61.8 line to the upside towards our 1.13683 entry target.
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Wednesday: On Tuesday I shifted my entry points down 6 pips lower and today they have been taken. I am currently 5 pips up although price is moving quite erratically at the moment so the trade may go into a small amount of loss but I am relatively confident that the trade should fall as predicted and begin heading towards my targets overnight and throughout the rest of the week. I will keep watch on the movement of the pair but for now I am leaving the trade to move as it will and I will check back tomorrow.
Trade closed: target reached
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Sorry for the lack of updates. Trade broke straight up after some news and I did hit SL but I anticipated the move back down and reentered where I was stopped out. All 3 targets have since been hit. +89 pips, +137, +195