FX.co ★ Trading tips for GBP/USD

GBP/USD has been in an upward trend since March 2020. But it failed to surpass the 2018 high last year, and ended the year at the 61.8% retracement level. Last week, it underwent a weekly absorption, primarily due to the early rate hike of the Bank of England.

The pair bounced back on the D1 chart:

And yesterday moved to the 50% retracement level.

Based on this, we can assume that a 10,000-pip movement could take place in GBP/USD.

According to "Price Action" and "Stop Hunting" strategies, this is the best time to take long positions in the market.

Good luck and have a nice day!