GBPUSD Technical Analysis
We have been monitoring GBPUSD in the past several days. We strongly believe the outcome of Greece will initially trigger a mass USD selling in the Forex market. Although this is a weekly entry we have decided to wait for the weekly close as it is possible the estimate Gross Domestic Product (GDP) that is due on Thursday may be the fundamental trigger for GBP gains regardless of Greece negotiations with Europe.
GBPUSD Weekly Chart
Please click on the chart to enlarge:
We expect the weekly support as shown in the chart to remain firm and contain any further weakness in the pair. The protective stop is layered beneath 1.5270, targeting 1.5760.
GBPUSD Trade Alert Details
GBPUSD long at market price, 1.5352
Take profit: 1.5760
Protective stop: 1.5190
Risk Ratio (RR): 1 : 2.5 (approx.)
Estimated duration: 7 days
02/06/15 UPDATE: GBPUSD triggered the protective stop loss order, ending the trade with a loss. Despite the recent news that Greece have submitted its economic reforms to Europe we are not re-entering the trade.
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