Cable: Reducing my position ahead of the Fed
This pair can now rally 300 pips straight north as I’m booking 1/2 my profit at 1.5910. I simply don’t want to have any type of a large position heading into the Fed. I’m still running an intraday short position in USD/JPY but I have a very tight stop on that and will certainly cut it before the event. My only other trade is short EUR/GBP, but that’s a longer-term play which shouldn’t be affected by the Fed decision.