FxWirePro Call Review: GBP/USD target reached at 1.376; new target 1.354

In Late January, in an article named, “FxWirePro: Sell pound targeting 1.376 against dollar”, available at https://www.econotimes.com/FxWirePro-Sell-pound-targeting-1376-against-dollar-1122287 we warned that the recent strength of the Pound, which has been fueled by a weaker dollar, an initial agreement between the United Kingdom and the European Union over Brexit bill and two year transition period, and a hawkish Bank of England (BoE) might fade quickly over the domestic political uncertainty brewing in the UK. We also warned that the risk of a correction in the dollar is also hanging over the pound, which recently reached our bullish target of 1.43 against the dollar.

In that piece, we urged our readers to go short on the pound at the then current rate of 1.413 and at rallies around 1.42 against the USD targeting 1.376.

This week, the pound has reached our short side target of 1.376 and in this piece, we would like to extend that target to 1.354 and urge readers to book profit in 30 percent of the positions. The pound is currently trading at 1.374 against the USD.