Trade of the Week - 9 October 2023: long GBP/USD
Channel: IG South Africa
Date: 2023-10-10

Since the US Dollar basket did not manage to close for a twelfth consecutive week in positive territory last week despite nearly double the expected 336k Non-Farm payroll number, at least a short-term correction in the greenback might be seen. IG analyst, Axel Rudolph would therefore like to go long GBP/USD with an upside target of around $1.2600 and a stop loss at $1.1980.

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IG is a global leader in online trading, providing fast and flexible access to over 17,000 financial markets – including CFDs on indices, shares, forex, and commodities.

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