FX.co ★ Trading idea for the GBP/USD pair

GBP/USD closed with a pin bar last week, signalling an upcoming reversal in the market this week.

And today, a 50% pullback was observed in the hourly chart, clearly presented on the picture below:

The main driver of this are the upcoming events this week, which can significantly affect the rate of the pair in the market, depending on the results that come out from it:

1. Speech of Fed Chairman Jerome Powell on Thursday.

2. Speech of Bank of England head Andrew Bailey on Friday.

Nonetheless at the end of the week, an increased volatility is expected, and such will lead to a consolidation and price reduction of the EUR / USD pair in the market. The target profit may be the round level of 1.3, which is calculated using the Price Action and Stop Hunting strategies.

Good luck!