Cable trade idea triggered

GBP/USD pushed higher through US trade, but continues to face some resistance in the near term. 

Source: Bloomberg

The potential stop on this trade is at $1.5370 and before the price action gets there we have a 50-day moving average and downtrend resistance line in play. BGP/USD has had a good run over the past couple of days and if we are to see a reversal lower, this is the region where it could occur.

On the UK calendar today we have trade balance data which is expected to show a wider deficit. In the US we have non-farm payrolls data which always has potential to cause some volatility.


Source: IG Charts

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