I expect the UK to cut rates this week or do some . Anything to help their economy, whatever it is...a lower UK dollar will benefit them.
Thus, let's all help the UK's currency go lower so that with a lower currency it will help their business thrive. Lol!!!
My stops are above the previous high. and my target is around 1.28, 1.27 and 1.25.
Plan: Short at or below alternate sell zone BEFORE THURSDAY on the assumption that the UK will lower rates. If I am right and it goes my way, then hold SHORT GBPUSD and ride it down. If I am wrong and the UK raises rates or does nothing, and the reaction after a day is positive, then exit trade and re-evaluate.
I still am short part of GBPUSD... shaved off some risk.