Close the GBP/USD Trade At Market Prices By Imre Gams, editor, Currency Trader Fri Nov 3 2023 Today, we’re closing our short position in GBP/USD for approximately an 80% loss. This is the first time in a very long time we’ve seen clear weakness in the employment report. Combined with the Fed’s signaling on Wednesday, this likely marks the end of the counter-trend phase of U.S. dollar strength. I’ll repeat what I said about the AUD/USD and EUR/USD trades – it’s never fun to take a loss. But… This is the continuation in trend of dollar weakness I’ve been looking for since the start of 2023. Ideally this marks an end to the incredibly choppy forex markets we’ve had for the last 11 months. In turn, this means we will have some truly amazing trading coming in the very near future. | Action to take: Close the GBP/USD short position at market prices (1.2282 as of writing). |
Keep an eye on your inbox for the accompanying post-mortem analysis of this trade. Happy trading, Imre Gams
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