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Remain short GBPUSD, tighten stop again

Remain short GBPUSD, tighten stop again

2011-03-11 17:45:00
David Rodriguez, Head of Business Development
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I remain short the GBPUSD from the 1.6200 mark and I stand by my trade. Initially I'd set the stop above previous spike-highs, but as the pair's subsequent move lower led me to push my stop just worse than breakeven yesterday. I'd like to tighten further today, locking in approximately 120 pips in profit. Move stops to just above the 1.6080 mark. It could get stopped out today, but I suspect such a break would produce a further short-term bounce and allow us to re-enter at a better price.

To recap my calls for USD rallies, here is what I've written in the past week: For one, Forex Futures and Options are uniformly flashing red on the USD. More recently, the SSI has been showing traders pull back from USD-short positions--something that often happens at the end of trends. And though I'm not entirely prepared to plug away at USD longs at the moment, headlines such as the one we see on the Wall Street Journal really underlines risks of a strong USD bounce. It's a waiting game for now.

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