GBPUSd Trade Idea (14th January 2020)
Currency Pair: GBPUSD
Timeframe: H1
Date/Time of Signal: 14th January 2020 / 1500hrs (SGT)
Review:
On Monday (13th January 2020), UK GDP unexpectedly shrunk -0.3% m/m and last week, Bank of England’s Gertjan Vlieghe - a member of the monetary policy committee mentioned that he would vote for a cut if there is no economic improvement. With these factors, we are looking at pound to continue to be weak.
GBPUSD is on a downtrend and have broken the support level of 1.3000. The price tested and bounce off the resistance level of 1.3000.
Following the trend, trade signaled to sell GBPUSD (Entry: 1.2988) with 3 Take Profit (TP) Targets (TP1: 1.2968, TP2: 1.2948, TP3: 1.2928) and Stop Loss (SL) at 1.3018.
Timeframe: H1
Date/Time of Signal: 14th January 2020 / 1500hrs (SGT)
Review:
On Monday (13th January 2020), UK GDP unexpectedly shrunk -0.3% m/m and last week, Bank of England’s Gertjan Vlieghe - a member of the monetary policy committee mentioned that he would vote for a cut if there is no economic improvement. With these factors, we are looking at pound to continue to be weak.
GBPUSD is on a downtrend and have broken the support level of 1.3000. The price tested and bounce off the resistance level of 1.3000.
Following the trend, trade signaled to sell GBPUSD (Entry: 1.2988) with 3 Take Profit (TP) Targets (TP1: 1.2968, TP2: 1.2948, TP3: 1.2928) and Stop Loss (SL) at 1.3018.