GBPUSD Short-Term Technicals

FX:GBPUSD   British Pound/U.S. Dollar
50 1 3
GBPUSD             is bearish on the short term consideriing my previous crude oil             outlook, but crude is a bit bullish this morning.

Also, it didn´t break the ascending trend line , we might experience a trend continuation, so I´m opening a cautious small short with adjusted SL @ 1.5590 (40 pips from current levels) .

If crude oil             closes today back above 59.5 we could see a resumption of the bullish trend and will invalidate also the cable short.

6 Trading Rules :

1. Never add to a losing position .
2. Don´t be the first to buy low and sell high ., and don´t be the last one to exit
3. Think like a fundamentalist, trade like a technician .
4. Keep your analysis simple
5. Start small and increase exposure when trend is confirming your analysis
6. The hard trade is the right trade

Josep Pocalles
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2 years ago
UPDATE : Small position was the right approach as I warned about today´s bullish bias in Crude oil. Trade stopped out and has been edged with the open EURGBP position :
EURGBP: Ichimoku trade

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