GBP/USD Short by Justin Pipper

GBP/USD HOURLY CHART


Long or Short: Short

Entry Point: Short at 1.5800

Stop loss: 1.5870 (above minor psychological handle)

Profit target: To be determined but I will move stop to BE at 1.5750

Risk Percentage: 1.0%

Trade Rationale:

-Potential support-turned-resistance at 1.5800
-GBP weakness and USD strength due to risk aversion and bad UK GDP data

*I meant support-turned-resistance on the chart