GBPUSD Monthly Price Chart – The cable is now hitting the upper monthly resistance at 1.38 with major overbought condition on shorter time scales and should now retrace. We sold half a position at this price to hedge our GBP cash holdings.
British Pound (Symbol: GPBUSD) reaching into monthly resistance, should now retrace from 1.38
We see a short term support on the 1H price chart and decided to close the trade to be able to sell higher again, hopefully.
Sold at 1.3797 and closed at 1.37745.
Stop at breakeven now on the above.
Stop triggered at breakeven a short while after if was placed.
Cable bulls are raging.
Trade will be documented in the Trading Portfolio.