GBPUSD: Stopped out and reversed @ 1.6414

9.31 gmt

As feared, cable has not followed through on the dip. My mental stop was hit and I am out at 1.6414 for a loss of -48 pips.

I have now flipped to long, $5/pip at 1.6114. I don’t feel very comfortable with this entry. Until this pair clears the recent high of 1.6443, it is still quite likely that we may see a deeper correction down to 1.6218. I’ll monitor the price action and exit if it makes me uncomfortable.

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