FX.co ★ Tips for trading GBP/USD

Although the Federal Reserve kept the interest rate unchanged, dollar rose sharply, leading to the formation of a selling area in GBP/USD.

Looking at the three-wave pattern (ABC) where wave "A" represents today's momentum, traders could consider long positions with stop-loss placed at 1.23328 and take-profit set upon the breakdown of 1.24229.

This trading idea follows the framework of the "Price Action" and "Stop Hunting" strategies.

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