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

The GBP / USD pair traded downwards in the market yesterday, as a result of which a bearish pin bar has formed on the daily chart. Its shadow even updated the low of the previous daily range and left good targets for a rate hike.

So far, the quote is fluctuating around 1.30, thus, continuing the earlier strategy presented last September 16 is fairly easy:

Along the current ABC pattern in GBP / USD, open long positions to 1.35 in order to get decent profit, about 1:1. Such a strategy is good until the quotes break out of the previous daily range. This follows the classic and trusted Price Action and Stop Hunting methods.

Of course, risks must still be controlled to avoid reducing or losing profit.

Good luck!