GBP/USD – A Pullback Is For Buying – 1/30/2017

GBP/USD – A Pullback Is For Buying – 1/30/2017

Another 100 / 150 pip pullback in British Pound against US dollar is possible but we are looking forward to buy that pullback initially around 1.24 / 1.2350 level.  Of course fast and furious couple of hundred pip moves in GBP/USD is very characteristic of the pound so need to keep the risk in check in case it undone everything from  1.20 to 1.27.

As we mentioned in the previous trade idea ( buying the initial breach of 1.20 ) grabbing +600 pips in GBP/USD, we are not going to give up on GBP/USD long-side trade until 1.20 gives up convincingly.

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GBPUSD_3hr_Chart_Jan_30_2017

GBPUSD_3hr_Chart_Jan_30_2017