FX.co ★ Trading tips for GBP/USD

GBP/USD bounced back after falling for quite a long time in the market. Its correction has already extended for six days, in which a pin bar was formed yesterday, which is a signal for a reversal.

To date, quotes have rolled back to the 61.8% retracement level, which is a good area to open long positions.

To be precise, considering that the pair's movements formed a three-wave (ABC) pattern, where wave A represents the bullish pressure yesterday, traders can enter the market by buying up to the 50% and 61.8% retracement level, with stop loss at 1.19. Exit the market after the breakout of 1.2

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

Good luck and have a nice day!