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A strong bullish momentum went through the pound last Friday, as a result of which price consolidated above the level of 1.28.
And since the market has been above this quote for two days already, it is time to increase the value of this asset even further, which could be done if we follow this strategy:
According to technical analysis, the quotes have formed an ABC pattern on the daily chart, with which wave A is the long impulse last Friday. Since the market has pulled back by about 50%, long positions that would be opened now will give profit of 1: 1.
Thus, we can fix longs at the first target which is 1.29300, then at the second target which is 1.3, and then at the third target which is 1.35. However, cancel this idea if the quote breaks out of the level 1.27.
This is because controlling the risk is 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.
The idea presented above uses Price Action and Stop Hunting strategies.
Good luck!
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