FxWirePro: Excellent 1:8 risk-reward opportunity in GBP/USD shorts

In the previous GBP/USD article, we strongly recommended to our readers to book the short side trades as it reached the target of 1.2; the shorts were opened at 1.254 and recommended waiting at the sideline for further opportunities.

With GBP/USD trading at 1.233, we are sure that the advice paid off. Now, in this piece, we would like to recommend to our readers a fantastic selling opportunity in GBP/USD with an excellent risk-reward ratio. However, we would like to add that this recent rise in the pound after Theresa May’s Brexit vision turned out to be milder than expected, should keep the pound supported in the near term. But in the medium term, we expect the Brexit anxiety to catch up with the pound.

Trade idea:

Sell pound against the dollar at the current rate of 1.233, with the stop loss around 1.245 and with a target around 1.153. We would like to recommend a bigger stop loss around 1.255 for the time being (1-month).