FX.co ★ Trading tips for GBP/USD

The speech of Fed Chairman Jerome Powell led to a rise in dollar on Wednesday, which set excellent levels for short positions in GBP/USD.

And considering that there is a three-wave pattern (ABC) in the pair where wave A represents bearish pressure, traders could enter the market by selling from the 50% retracement level, with stop-loss at 1.24400. Exit upon the breakdown of 1.23400 and 1.22000.

This trading idea is based on the "Price Action" and "Stop Hunting" methods.

Good luck and have a nice day! Don't forget to control the risks.