Taking partial profits on my long GBP/USD trade last week was prudent as it limited my exposure to the subsequent decline. However, a hawkish BoE inflation report and a failed test of the 20-Day SMA led to add to my current position as I continue to target the yearly high of 1.6456. However, I could look to take profits again with a re-test of 1.6300 as we have seen the greenback start to regain its footing, and could benefit from a rise in risk aversion.
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