smithscott

Short GBP for today and tomorrow

FOREXCOM:GBPUSD   British Pound / U.S. Dollar
After the last days jump to 1.4295, I believe that there will be a corection of the uptrend in the next 2 days, before the rate decision of BoE( its decission is already traded).
As you can see during the night the price tried to climb again but was stoped at 1.4260 (which is the 50% retracement Fib level of 1.4295 to 1.4227 where the price felt on Friday.
For that reason:
1. at the moment , according with price action, I believe the price will fall: open short with the target 1.4220 and second target 1.4140.
2. if the price starts going up stay aside. the peak was at 1.4340 which is close from the Friday peak and it's very risky to open another long. If you choose so, keep the SL tight.
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