FX.co ★ Trading idea for the GBP/USD pair

On Friday, the pound has reached a quote of 1.3, which is the second target of the bullish strategy presented last September 30 .

Its idea was to set up long positions in order to reach the target levels indicated on the chart below.

Plan:

Development:

But since the third target (and main goal) has not been reached yet, long positions should be maintained, especially since Boris Johnson now has very little time left to come to an agreement with the EU. The lack of a post-Brexit deal could lead to a sharp decline in the British pound, so huge efforts are needed to retain the bullish mood in the GBP / USD pair.

If the strategy succeeds, the movement up to 1.35 (main target) would amount at least 5,000 pips.

However, we have to monitor the risk so as to avoid encountering losses. Keep in mind that the market is very unpredictable, so trading is very precarious, but then also profitable, provided that we use a correct strategy or approach

Good luck!