GBPUSD Trading Strategy: Counting on the GDP

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:

GBPUSD Weekly Chart, 28/05/15

GBPUSD Weekly Chart, 28/05/15

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.

As GBPUSD trade is closed it can  now be accessed by all traders. Open trades are restricted to members only. We have been proving trade alerts in the spot Forex market since May 2014. Sign up for one of our plans and review our documented trades performance.
GBPUSD Trading Strategy: Counting on the GDP

GBPUSD Trading Strategy: Counting on the GDP
                                             GBPUSD Trading Strategy: Counting on the GDP
GBPUSD Trading Strategy: Counting on the GDP
                                         GBPUSD Trading Strategy: Counting on the GDP
GBPUSD Trading Strategy: Counting on the GDP


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