Day trade
Trade view / 21 June 2016 at 14:45 GMT

UPDATE: GBPUSD's big rally may not be all that overdone

FX Consultant / IFXA Ltd
All sell orders have been filled on this trade idea for an average rate of 1.4715

The original trade idea expected a correction in the GBPUSD that occurred following polls giving the Remain side the lead. That didn't happen. GBPUSD rallied and then rallied some more and came pretty close to triggering the stop loss.

Fortunately, profit-taking has pushed GBPUSD back below 1.4700.  However, retracement from the peak (1.4783) is rather minuscule compared to the magnitude of the rally. That has triggered warning bells.

This idea has performed rather poorly but the FX gods have given us a chance to get out even.
Take the gift, close the position at the current market (currently 1.4700) and book a tiny gain. (.0015) points

— Edited by Michael McKenna

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