Trading idea for the GBP/USD pair

Trading 06 Nov 2020 Donner votre avis

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Against the background of a weak dollar (in connection with the presidential elections in the United States), the GBP / USD pair has noticeably increased in price, in which in just three days it completely absorbed a two-week drop.

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In that regard, under the Stop Hunting strategy, the main target for long positions will be the level of 1.35, the double top of the year.

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Meanwhile, the intermediate target will be 1.31750, the top reached in the month of October.

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In fact, there is already a three-wave pattern (ABC) in the trading chart, at which the initiative from the first picture is wave "A".

Following this, the next action is to open long positions after slight pullbacks, and afterwards, hold these positions until the quote reaches 1.35.

In addition, progress in Brexit negotiations will also support the growth in the British pound. However, there is still the need to manage and control the risks in order to avoid losing profit. As we all know, trading in this market is very precarious and uncertain, but also very profitable provided that we use the right strategies.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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