Well I've decided to temporally close this pound short I am in. Did some support resistance scalps on GBP/USD this evening for 28 pips. Cable is really tough to swing trade at the moment. I have watched my swing trades get within pips of my targets and then run my stops. I got stopped out on my 4 units for a 47 pip loss today. This 4 unit trade came within pips of my target and if I were sitting at my computer I know I would have closed it for a profit. Oh well I can't win them all and I feel that if I am winning anything right now with cable I'm doing good. The reason I have decided to close my short is due to the fact that EUR/GBP is looking bearish and has actually broke out of a triangle that I have drawn and I expect some downside on this one. If that is so, the pound will gain some strength short term. I am still bearish on pound but I look for some upside that might take out my break even trade on the 1 unit I have had since 1.6085. No need to chance it I closed it for a 85 pip profit. Pound will fall and depending on the rate decision from the BOE today we might break out of this congestion. They are predicting no move on the interest rate so once this is out of the way I look for pound to finish it's downward sloth. Let's see?
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