Should price action for the GBPUSD remain inside the 1.6010 to 1.6040 zone the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6020
- Take Profit Zone: 1.6160 – 1.6190
- Stop Loss Level: 1.5940
Should price action for the GBPUSD breakout above 1.6040 the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Take Profit Zone: 1.6160 – 1.6190
- Stop Loss Level: 1.5940
Should price action for the GBPUSD breakdown below 1.6010 the following trade set-up is recommended:
- Timeframe: H1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6000
- Take Profit Zone: 1.5860 – 1.5890
- Stop Loss Level: 1.6070
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
