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Posts Tagged ‘StayLong’

The GBP/USD’s break above 1.4500 led me into a long position which is currently in the money. The break above the 20-day SMA has reinforced my bullish conviction and has me looking to target the 50-day SMA at 1.4985. A short-term bullish channel has developed for the pair but it has run up against trend line resistance and if it fails to break above then downside risks could increase. I am ultimately a longer-term bear for the pair which keeps me cautious when taking long positions. Therefore I will take partial profits and move my stop to break even at 1.4500.

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