Long GBP/USD | Trade of the week

This week, we're going long GBP/USD again, as the medium-term uptrend remains valid despite the recent selloff. The previous long was stopped out for a 2% loss, but with the technical picture still intact and the Bank of England expected to hike rates alongside the Fed, the case for a stronger pound remains. We're buying at $1.3384 with a stop below the late July low at $1.3260 and an upside target at $1.3550. The EUR/USD short from two weeks ago hit its downside target and is being closed at $1.1477 for around a 3% profit. On Brent crude, if you entered short around $105, consider either moving the stop to breakeven for a free trade or tightening it above the 10th September high at $107.16. 👉 In this video: ✅ Why we're going long GBP/USD again ✅ Key entry, stop and target levels ✅ Closing EUR/USD short and managing Brent crude #Trading #GBPUSD #Forex #TechnicalAnalysis #Markets #TradeOfTheWeek Trade of the Week Playlist: ►https://www.youtube.com/playlist?list=PLiuPElZAFyTJFfLuMPPt1SvCt8gJEpNs7 📈 Catch more market commentary and insights on our channel. 🔔 Subscribe ► https://www.youtube.com/@iguk_official?sub_confirmation=1 Find out more: https://www.ig.com/uk/ways-to-trade?region=uk&utm_medium=organic_social&utm_source=youtube&utm_campaign=description&product=trading&utm_marketing_tactic=consideration&utm_creative_format=text_link&utm_content=yt_description&audience=na Your capital is at risk. 69% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.