FX.co ★ Trading tips for GBP/USD

Recent news weakened dollar demand, allowing GBP/USD to break the bearish trend. Now, the pair has rolled back by almost half of its previous movement, which provides traders with good price levels for long positions.

There is currently a three-wave (ABC) pattern, in which wave A represents the buying pressure from the previous week. Traders could enter the market by opening long positions from the 50% and 61.8% retracement levels, with stop-loss set at 1.18. Exit the market by taking profit upon the breakdown of 1.24500.

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.