Cable Trade Idea: Triggered

Yesterday's cable trade idea has now been triggered.

 

GBP/USD
Source: Bloomberg

While the BoE meeting isn’t expected to bring any changes, it certainly triggered some moves in price action for the sterling with a bit of positioning taking place. GBP/USD traded to a high of 1.5251 and this saw the cable trade idea triggered. I had suggested selling the pair at $1.5200 and this position is now active. Stops for this trade will have to be placed at $1.5370 and near term targets to $1.5000.

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