1. GBP/USD Technical Analysis: - Sell Entry: Targeting a decline from 1.26503 to 1.25890. - Retest Anticipation: Expecting a revisit of 1.26640 before downward movement. - Risk Management: Set stop-loss above retest level to mitigate reversal risk. - Take Profit: Aim for 1.25890, but adapt to market conditions and price action.
2. Fundamental Analysis: - Consider recent and upcoming US economic data releases impacting the US Dollar strength, thereby influencing GBP/USD movements.
3. Trading Strategies: - Confirmation: Wait for confirmation of retest level acting as resistance before entering the trade. - Risk Management: Employ suitable risk management strategies like setting stop-loss orders and managing position sizes. - Stay Updated: Keep abreast of news and events affecting both the US and UK economies, as they can influence GBP/USD dynamics.
4. Trading Psychology: - Exercise Patience: Wait for the optimal entry and confirmation signals. - Emotion Control: Manage emotions like fear and greed by adhering to the trading plan.
5. Additional Analysis: - DXY Analysis: Continuously monitor the US Dollar Index to gauge overall USD strength, offering insights into GBP/USD movements.
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