GBP USD is almost 500 pips down from our short entry zone. Well done everyone who has maintained their short to this point – we exited some time ago!
Our timing analysis of GBP USD shows us that a bounce is due very soon – within a week or so.
Unfortunately we are unable to pin the zone into a narrow enough value range for a low risk/ high reward trade at present. Currently our long entry range is from 1.31 to 1.33.
The ideal scenario would be for the GBP USD Index to fall to 1.31 which would enable a long trade with a 100 pips stop and a 400 pips upside to 1.35. We can’t see GBP USD getting higher than 1.35 in the medium term which makes this trade more difficult than we would like.
Lets see how things pan out in the next few days.
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