FX.co ★ Trading idea for GBP/USD

As expected, another wave was formed in GBP / USD, and this may be the strongest one in the market.

It is already the fifth wave, and it started from 1.42300, which is the yearly high last February. Behind it might be the monthly stops of sellers, which means that it is not ideal to open short positions, at least until the pound breaks down 1.42300. Instead, wait for the quote to climb up, as after it there will be a pullback.

This trading idea follows Price Action and Stop Hunting methods.

Good luck and have a nice trading day!