Very basic reasons on entering this trade (if it triggers...).
GBPUSD has been on a solid decent for 7 days and hit a historic resistance on the . This has left an opportunity for a potential swing trade towards the upside.
Entry set above daily high of the 7 negative day and stops below low of the 7th negative day.
Looking to enter this trade because the high to low price range is relatively low giving me a better risk to reward and not exposing my account to much. Keeping to my 1% risk rule.
Let's see if it triggers.