British Pound vs US Dollar pair, Has plummeted lower during the North American session this afternoon. With the pair lossing nearly 13 pips, it continue’s to move in a strong BULLISH trend as it did in the past days ( view Daily chart below ). On the other hand,GBPUSD is holding well below the long term 200 days simple moving average (thats why we dont recommend any trades on the GBPUSD for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation for the well established BULLISH trend. CONCLUSION: [We highly recommend to avoid trading GBPUSD for today Monday as we might be dealing with a choppy correction for rest of the day.] However As per above general BULLISH trend; Only trades to be considered following completion of any counter trend correction on the 60-minute chart.
Trade closed: stop reached
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GBPUSD downtrend remains valid, will be looking for potential short once again.