Trade idea on GBP/USD
The GBP/USD (cable rate) has been moving lower as we see U.K Prime Minister Theresa May’s landmark Brexit deal goes to Parliament to face votes that could derail her Brexit policy.
Eco data: Today we see the U.K. Claimant Count Change numbers out at 10:30 local time. The Claimant Count Change measures the number of the unemployed workers in the U.K. during the previous month. A rising trend indicates weakness in the labour market, which has a trickle-down effect on consumer spending and economic growth.
Note: We also have the FED interest rate decision tomorrow and the interest rates are expected to be increased which in turn will mean a stronger Dollar (USD) and a weaker Pound (GBP) and that will fit in nicely with my short trade idea on GBP/USD.
Full trade summary below:
- Entry (Sell): 1.3299
- Stop loss: 1.3472
- Target price 1: 1.3199
- Target price 2: 1.3059
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