Ok so we have GBP GDP figures this morning and I have been looking for a suitable trade. GBPUSD is of prime interest, I’ve used STROBOT’s set up on it and the chart to take an entry order after the last support @ 1.70360. You can see that the pair has been in a bullish trend for a whole but has been dropping with USD strength.
My stop is at 1.69612 Strobot’s suggested stop and my TP at 1.71908.
This is purely a manual speculative trade. I want to give the pair room to whipsaw which it probably will. thus my entry is 42 pips from price. This pair can move a lot of pips.
So target is 145 pips from my entry but we have to get 42 pips up first. With this pair this is absolutely not a problem and a 200 pip move is not uncommon, the last was on the 12 of June.
STROBOT decided he’d take a LONG GBPCHF!!! 2 minutes before news – a much better choice I think.