We have just taken profit on our long GBP/USD trade, that was entered at 1.3500 on 29th September and was outlined in more detail in our FX Review here.

Rising expectations of an interest rate hike from the Bank of England next month have helped to push GBP higher against most peers. Today, the market is up 0.62% to trade at 1.3810.

This gives a profit of 2.22% on the position. Premium content subscribers can access further ideas.

We now prefer to sit on the sidelines and wait to see how the Bank of England move in coming weeks.

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