BombayBulls

Another Pound Trade Idea

FX:GBPUSD   British Pound/U.S. Dollar
53 0 5
Currently only British Pound is little perky and moves with sizable pips, so obviously we are finding more opportunities in that. Our recent GBPUSD             trade has given us more than 300 pips and we are still holding little long position.
Today we are looking at two potential trades.
1.) Short - May be a short term counter trend trade to sell GBP/USD             at 1.4220 and 1.4240 to get few pips.
2.) Long - 1.4140 and 1.4100 are interesting levels to add to existing long position or to initiate the new one if you are looking for upside.
Well usual caveats of reading the price action before jumping into the trade ( looking how and when it reaches to the levels ) and booking partial profits quickly applies because of current market condition.
Also, our crude oil             trade has reached the target above $38 and now we are out of the trade and assessing the situation for another trade.
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