FX.co ★ Trading tips for EUR/USD and GBP/USD

Both EUR/USD and GBP/USD have been bearish lately, so it was not surprising that an upward correction is brewing. After that, another price decrease could occur.

GBP/USD pulled back deeper, which creates more headroom for a decline.

Since price movements form a three-wave pattern (ABC), where wave A represents the bearish pressure, traders could enter the market by selling up to the 50% retracement leel. Set stop loss at 1.16, then exit the market on the breakdown of 1.14271.

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

Good luck and have a nice day! Don't forget to control the risks.