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GBPUSD Trading Idea for FX:GBPUSD by EYFMarkets

G’day, Guys. How’s going? TGIF

Has been some time, I did not post a currency (Forex) pair. Today we going to analyse GBPUSD .

For those new into the trading world, this is Major pair which is you have to know pair full of speculation and sensitive with rumours and fundamental news.

As usual, we analyse from a bigger timeframe and zoom in on the H4 timeframe. At the same time, I would like to share some trading ideas on how we are able to hold the position to maximize profit on every trade. Please note this position might gonna take a few days or a few weeks to complete.

Based on the chart, we are most likely to see the current price retest the previous high which I personally consider as a strong resistance level and by referring to the weekly timeframe actually this correction from the HNS pattern and we are expecting this pair gonna be a rally downtrend.

The first step, we gonna wait for the retest happening at ENTRY ZONE, which are we going to open order sell on this zone with recommended STOP LOSS / CUT LOSS level at 1.39040 and TAKE PROFIT at 1.36029. Next we going to reenter sell position on every swing high of the market movement.

Tbh, you are able to BUY & SELL in same time if your really understand the market structure. But if you are new, I advise you guys to just focus on the sell position to manage the risk.

Let’s see what happen next.

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