FX.co ★ Trading tips for GBP/USD

GBP/USD closed with a pin bar on Wednesday after buyers accumulated positions under the round level of 1.2.

Now, there is a three-wave pattern (ABC), in which wave A represents the selling pressure on Wednesday. This means that traders could enter the market by opening short positions up to the 61.8% and 50% retracement levels. Set stop loss at 1.21200 and exit the market upon the breakdown of 1.2.

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

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