I'm looking at taking GU short this week & I believe that there is an opportunity to take this pair short at-least 150 pips. A huge key level for GU over the last 3 weeks is approx. 1.31824, and has been a major point of liquidity for this pair. I'm basically seeing this pair breaking 1.31, then ultimately falling to 1.3. With this setup, I would suggest a stop-loss around 40 pips.
The ideal situation for this setup would be a pull back up to 1.3182 between now and the end of the N.Y. session, where we can then enter short with even tighter stop-losses, before riding GU down to the first and second target.
Entry: Upon pullback to 1.3182 or break of 1.31.
SL: Above 1.324
Target 1: 1.31 (+80 pips)
Target 2: 1.3 (+180 pips)
The ideal situation for this setup would be a pull back up to 1.3182 between now and the end of the N.Y. session, where we can then enter short with even tighter stop-losses, before riding GU down to the first and second target.
Entry: Upon pullback to 1.3182 or break of 1.31.
SL: Above 1.324
Target 1: 1.31 (+80 pips)
Target 2: 1.3 (+180 pips)