This week the GBP/USD
pair has seen the formation of a band with clear boundaries, with the support level
at 1.51620 and the resistance level
at 1.52600. For this reason, we’ll be looking for buy or sell signals when the pair approaches one of the boundaries of the band. In parallel with these boundaries, a much narrower band shaped up, with the point of support at 1.52 and that of resistance at 1.52400, so a buy or sell point could be found earlier, but I suggest launching positions not when the pair bounces off the narrow corridor, but when it breaks out of it.
I trade using techniques for the GBP/USD
pair. Boundaries of the trading band are defined using the latest highs on the hourly chart.
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