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Adding Pound Short to Long US Dollar Exposure

Adding Pound Short to Long US Dollar Exposure

Ilya Spivak, Head Strategist, APAC

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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