Live Chat

05/12/2014: Trading Idea SELL GBP/USD


Trade:    SELLING  GBP/USD

Entry:                    @ $1.5680

Target:                  $1.5585 (a test of the range low)

Stop:                     $1.5730 (breaking yesterday’s reaction high at $1.5725)

Reason: I am bearish on Cable, and the rate is already 30 pips lower today, however markets tend to consolidate in front of Non-farm Payrolls and this could mean Cable coming back towards flat. $1.5680 is an intraday resistance. I see the rate falling ultimately to retest the recent range low though (and then lower).

 

Trading Update on previous trades:

I remain short of FTSE 100 (28/11/2014) and the position has been flying around between profit and loss in recent days. I am currently 17 points offside. My stop is still at 6755 which I am happy with. I expect today to again be volatile due to Non-farm Payrolls.

I am also still SHORT Gold (02/12/2014) today at $1205. The position is currently slightly on-side by around $1.50.

As at 03/12/2014 I am SHORT on NZD/USD at 0.7780. I am currently around 18 pips in profit.


Ready to start trading?

Open an Account Try Demo

  • Archive

  • Topics

  • Videos

Research Risk Warning

At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.