GBP/USD: Is There Room for More Upside?

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The sterling held on firmly to the previous session’s gains today, despite worries about Britain’s trade negotiations with the European Union. There is room for a lot more upside potential for the pound which could find further buying interest as the dollar continues to deflate.

However, as this trade is against the trend we should keep our risk tight and adjust the stop loss constantly. The falling trend line has caused the market to fall when touched in recent trading days, based on the 4h chart. As well there was no major development in the Brexit talks and if this changes the Pound might skyrocket. We would place a buy stop at 1.2403, SL: 1.2325, TP: 1.2480.

Risk Warning: Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. General Risk Disclosure