GBPUSD Big Trade 10.23.2015 +70

***10/30 Update -- BK Close GBP/USD BigTrade here at 1.5412 for +70

***10/23 Update -- Order to Buy 1 lot of GBP/USD at 1.5342 TRIGGERED

1. GBP/USD

Place Order to Buy 1 lot of GBP/USD at 1.5342

Place Order to Buy 1 more at 1.5152

Stop for ALL 1.4965


The most tempting currency to trade right now is EURO but with our Big Trades we never like a chase a move especially when there is no reasonable level for stops. So instead we look beyond the euro to 2 other opportunities -- GBP/USD and NZD/USD.

We like buying GBP/USD quite a bit after yesterday’s HOT retail sales number. This was the strongest month for spending in 2 years, setting a sound foundation for next week’s UK GDP report. Retail sales is the most important contributor to growth. While the dollar is bid today we believe it will trade lower ahead of and after FOMC. The uncertainty in Fed policy should lead to profit taking on long dollar trades and with zero chance of a rate hike, the FOMC statement will probably disappoint.

Swing

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