FX.co ★ GBP getting ready for third breakout of 1.37500

Here is a trading tip for GBP/USD for today.

Yesterday, we recommended staying bearish on the GBP/USD pair. So today, the instrument has pulled back to the indicated levels and continued to put pressure on monthly stop losses set by bulls at the level of 1.35700:

I would like to remind you that the pair is currently trading within a three-wave structure with targets at 1.35700:

In fact, we can observe a three-wave ABC structure where A indicates a bearish trend from the last week. You can consider going short on a pullback from the 50% and 61.8% Fibonacci retracement levels at 1.37200 and 1.37600 following the scheme shown above. Stop Loss can be placed at 1.38500. It is a good idea to take profit on a breakout of 1.35700.

This trading recommendation is based on the Price Action and Stop Hunting methods.

Gain profit and control your risks!