GBP/USD sitting up for a potential short position soon
using finviz.com looking at forex there on performance tab we see that
gbp/usd is 3.5% positive for the quarter
looking at the biggest looser was usd/chf at 4.32% on the quarter
so the trade idea is based upon usd potential to strengthen and the gbp potential to weaken
so meaning gbp/usd short. Using the 4 / 40 moving average on a daily chart.
we are targeting a 1.5 risk to reward ratio with entry set at 1.26863 area as soon as the 4/50 moving average crosses to the downside.
stop loss would be placed at 1.29162 price
target would be around 1.23500 area.
trendlines are places showing a clear downtrend and price coming up to that area.
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