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23/01/2015: Trading Idea SELLING GBP/USD


Trade:    SELLING GBP/USD  

Entry:                    @ $1.5030 (a pullback rally to the old support turned resistance at $1.5032)

Target:                  $1.4810 (the key July 2013 low)

Stop:                     $1.5110 (above the resistance c. $1.5080 of the lows of 21st Jan)

Reason: The breakdown of the key trading range should now ensure the next leg moves lower towards a test of the key July 2013 low at $1.4810. I would be looking to sell an oversold technical rally today.

Cable   232012015


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