Hi dear traders! Let me share a trading idea for GBP/USD with you.
Over the latest couple of days, this trading instrument has advanced notably, having disrupted selling pressure which lasted for nearly a month. Meanwhile, the sellers have been left below the round level of 1.4000. I suggest considering long (buy) positions according to this chart.
In fact, we are dealing with a three-wave structure (ABC) where wave A represents buying pressure of the last two days.
My idea is to plan long positions from a 50% and 61.8% Fibonacci retracement following this scheme.
Stop loss could be set at 1.38. Profit could be taken during a breakout of 1.1400.
This trading idea is developed on the grounds of the author’s methods: Price Action and Hunting for stop orders.
Good luck in trading! Make sure you manage your risks!
The material has been provided by InstaForex Company – www.instaforex.com
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