Should price action for the GBPUSD remain inside the 1.6530 to 1.6560 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6540
- Take Profit Zone: 1.7060 – 1.7100
- Stop Loss Level: 1.6360
Should price action for the GBPUSD breakout above 1.6560 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Take Profit Zone: 1.7060 – 1.7100
- Stop Loss Level: 1.6360
Should price action for the GBPUSD breakdown below 1.6530 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6520
- Take Profit Zone: 1.6400 – 1.6420
- Stop Loss Level: 1.6580
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
You may also be interested in reading the following posts: