empty
 
 
07.06.2023 01:00 PM
Tips for trading GBP/USD

This image is no longer relevant

GBP/USD formed a double weekly peak around 1.2545. Stop orders from sellers may accumulate behind it, which could lead to quotes staying around this area.

This image is no longer relevant

Because of this, a rally may be seen in the pair, and the movement may look like this:

This image is no longer relevant

With the three-wave pattern (ABC) in the pair, where wave A represents the buying pressure observed last week, traders could open long positions with a 50% retracement based on the Fibonacci levels. Limit the risks at 1.22364 and 1.23, then take profit upon the breakdown of 1.2545.

The idea came from the framework of the "Price Action" and "Hunt for Stops" methods.

Good luck in trading and manage your risks. Have a great day ahead!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback