The British Pound looks likely to continue to lower against the US Dollar after prices pierced support at September’s swing bottom. I booked profit on our GBPUSD short position from 1.5500 as the latest corrective upswing began. Positioning now looks attractive to re-enter the trade and I have sold the pair at 1.5157, initially targeting 1.5003. A stop-loss will be activated on a daily close above 1.5167. I will take profit on half of the trade and trail the stop-loss to the breakeven level once the first objective is met.
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