GBPUSD gained 0.40% this morning to 1.3244, intraday resistance seems to be at 1.3270 its 200EA and 1.3300 Sep high. The cable’s price ran through our first target which we set this Monday.
Supports are at 1.3185 and 1.3135. We are taking profit on our long GBPUSD trade entered on 08 Monday at 1.3125 targeting a move to 1.3200 and 1.3300. We recommend exiting the trade at 1.3260 for a profit of nearly a percent. While we still see upside risk of a near-term bounce in GBPUSD.
Read: EURUSD trade update
In the medium term, we continue to forecast the cable to climb higher for 1.3450 and 1.3500 if settles above 1.3300.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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