The GBP set up shortly after the US traders began their day. There was a clear rejection at yesterday’s low as sellers entered pushing price down. After a second close below the Asian session low, an entry is taken. Price tested the Asian session low once more before dropping to its daily low. As the CB Consumer Confidence news was about to be released, price continued to drop. We protect a good part of the move in advance of the news, which subsequently resulted in moving price to our Target 2… where we exit.
A nice start to our shortened week… as we do not trade Non-Farm Employment Fridays.
Good luck with your trading!