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.