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I felt that the GBPUSD was bottoming, based on Fibonacci; the recent high was 1.6795 and the recent low was 1.6273 with the spot of 1.6560 hovering just above the 50% retracement level.  Again coming up from a lower level a few days ago at the near 38% level.

The uptick seemed somewhat convincing and I also felt that the retail sales numbers today would come in better, so I placed a Long GBPUSD, stop if offered at 1.6580 when the spot was at 1.6560 with a SL at 1.6550.

As it turned out the retail sales came in firmer at 1.7% versus expectations of 0.5%, and the GBP firmed up passsed 1.66.

I squared the position at 1.6620 for a trading profit of 40bps.

One Comment

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