FX.co ★ Trading tips for GBP/USD

GBP/USD has been flat for the past few weeks. It is obviously putting pressure on the support trend line, testing it 4 times already, which, with high probability, will lead to a breakdown.

So far, the pair has corrected quite deeply, giving good levels for selling.

If the upward movement that started last February 22 ends, traders can use it as a support for short positions. Stop-loss could be set at 1.21150.

Exit the market by taking profit upon the breakdown of the February 17 low at 1.19139, or upon the breakdown of 1.18500.

The 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.