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Trade of the week: long GBP/USD

IG's Chris Beauchamp looks at GBP/USD, going long on the pair with a close above $1.2830, with a stop at $1.27.

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Forex United States dollar GBP/USD EUR/USD Pound sterling Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

(AI Video Summary)

Previous EUR/USD trading outcome

In the latest epsiode of "Trade of the week" for the week of 5 August, Chris Beauchamp's focus shifts from a previously profitable short EUR/USD position to a new trading opportunity due to a dramatic shift caused by a weaker-than-expected US payrolls report.

This weak report spurred expectations of a significant Federal Reserve (Fed) interest rate cut in September, anticipated to be 50 basis points, impacting the US dollar strength and halting the EUR/USD short position.

This week's trading opportunity

Looking ahead, amid volatile equity and forex markets, Beauchamp suggests a long position in GBP/USD (cable), recommending entry if it rises above $1.2830, with a stop loss at $1.27 to manage risks in the uncertain market.


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