FX.co ★ Trading tips for GBP/USD

Yesterday's selling pressure ended the bullish correction in GBP/USD. Since buyers' stop orders are under the round level of 1.2 and quotes are currently at the 50% retracement level, continuing the price decrease is much easier.

Now, there is a three-wave pattern "ABC", where wave A represents the selling pressure yesterday. This means that traders could enter the market by selling up to the 50% retracement level, with stop loss at 1.21 or at a false breakdown of 1.20467. Exit the market upon the breakdown of 1.20.

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

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