GBP / USD increased in price, trading near 1.37600 last Friday.
As a result, sellers are forced to place their stops at 1.37600, which suggests that it is a bad idea to open short positions in GBP, especially since there is a high chance that the quote will break above 1.37600 (by around 20-50 pips).
But of course, traders still need to carefully assess the situation before placing any position. As we all know, trading is very precarious, but profitable as long as a correct strategy is used.
The plan above follows Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
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