FX.co ★ Tips for trading GBP/USD

GBP/USD closed with a pin bar, indicating the continuation of a bullish trend. This can be used as a reference when working for a further price increase in the pair.

Looking at the three-wave pattern (ABC), where wave A represents the upward movement observed at the beginning of the month, traders could consider taking long positions, with stop-loss set at 1.20900. Take profit upon the breakdown of 1.24240.

The 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.