01.10.202009:49 Forex Analysis & Reviews: Trading idea for the GBP/USD pair

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Following the strategy presented yesterday , the GBP / USD pair has successfully reached the first target level, which is 1.29300.

Plan:

Development:

However, the main target is the weekly stop of sellers, which is just slightly higher, around the round level of 1.3.

So, the next step that you should do now is:

If you have long positions set from 1.28, discard 50% of the position on the first target, and then keep 30% to the second (1.3) and 20% to the third (1.35).
If you want to short sell the GBP/USD pair, do not do it before a false breakout from 1.3.
If you do not have any transaction, open long positions after a pullback, and then set your take-profit level or target price at 1.3.

These follow the classic and trusted Price Action and Stop Hunting strategies.

Of course, controlling the risk is also necessary to avoid reducing or losing profit. Trading in this financial market is very precarious, but also very profitable as long as we use the right approach.

Best of luck!

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