FX.co ★ Trading tips for GBP/USD

Although GBP/USD approached the support level of 1.19100 thrice since mid-February, short positions were never successful around this level. But during today's European session, sellers managed to end the bullish trend, increasing the chances for a sharper decline. The situation opened more profitable price levels for sell positions.

At the time of writing, there is a three-wave (ABC) pattern, where wave "A" represents the bearish pressure during the European session. Traders can enter the market by selling from the 50% retracement level, with stop-loss set at 1.20400. Exit by taking profit upon breakdown of 1.19100.

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.