Dear traders, as I mentioned in my previous idea GBP/USD is slowly
moving towards the 1.2680 resistance level.
So, it would be better to wait and watch the price action at this level before
executing any trades. Also, keep in mind that we have the FOMC event
later in the day which could lead to a lot of volatility in GBPUSD pair.
In case we can see the formation of bearish price action at the resistance
level, selling GBP/USD@1.2680 with SL above resistance and TP at 1.2350
is a potential sell plan. Keep in mind this set-up is speculative and it will
depend on price action whether this trade is executed or not.
moving towards the 1.2680 resistance level.
So, it would be better to wait and watch the price action at this level before
executing any trades. Also, keep in mind that we have the FOMC event
later in the day which could lead to a lot of volatility in GBPUSD pair.
In case we can see the formation of bearish price action at the resistance
level, selling GBP/USD@1.2680 with SL above resistance and TP at 1.2350
is a potential sell plan. Keep in mind this set-up is speculative and it will
depend on price action whether this trade is executed or not.
Comment:
As expected, price falls after hitting the resistance