Buy GBP/USD

Long GBP/USD 12.15.08 - OPEN TRADE


Buy GBP/USD at market (now 1.5298)
Stop at 1.5238
Sell half of the position at 1.5328, move stop on rest to breakeven
Sell rest of position at 1.5470

The US dollar is selling off into the Federal Reserve interest rate decision tomorrow and we expect that to continue with US consumer prices and housing market numbers due for release. The data is expected to be dollar negative and we should be out of the trade well before the FOMC meeting.

**We may not be able to monitor the position tonight and send out timely adjustments to stops. Therefore if T1 is hit, move your stop to breakeven and then use a trailing stop on 30 pips.