Trading-Guru

GBP/USD Is At a Difficult Position - Here is How to Trade it.

Short
FX:GBPUSD   British Pound / U.S. Dollar
After a fantastic trade set-up for GBP/USD on my previous idea where we saw that indeed the confluence between the support zone and the trendline caused the price to go up, we are now at a difficult situation.

If you were long already a great place to exit could be directly underneath the horizontal resistance. However, if you're not in the trade at the moment this is not a good moment to buy. Instead, I suggest waiting until the price reaches the resistance and go short there for a better risk-reward on your trade.

For the take profit position, you can see that I deviate from my normal suggestion. Instead of taking profit at the horizontal level, I decided to be more conservative here and suggest holding to the trendline only. The reason for this is that the ascending trendline indicates a bullish trend overall, and therefore I feel waiting until the horizontal support would be too optimistic and risky.

- Trading-Guru

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