GBP/USD is currently trading with bullish bias. During the previous trading day, pound found a support at 1.421, headed long and even closed above 1.4251, we expect further movements to the upper side. We will thus remain long with our target at 1.4419. This pair should be traded alongside other pairs such as NZD/USD, USD/JPY, NZD/JPY, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.89 and are thus expected to move in a similar direction. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.