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Ochlokrat
Mar 25, 2024 7:34 PM

Riding the GBPUSD Wave Through Dollar Rally Long

GBP/USDCapital.com

Description

After a temporary weakness, the currency pair GBPUSD is once again showing strength. The chart indicates a significant support area between 1.2590 and 1.2520, which can serve as a starting point for a long trade. We are aware that the Dollar is currently in a phase of strength, putting the recovery of GBPUSD on shaky ground.
Therefore, we suggest choosing two take profits: one with a risk-reward ratio (RRR) of approximately 1:1 and another with an RRR of around 1.7:1.
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