Hi there,
GBPUSD is a long-term trade idea stretching as far as 3 months with this weekly setup. It currently does not appear ideal for day trades for Forex traders, but for binary traders, this pair is still fine. So we focus on the longer-term range for this one. It appears that the market trend is held by the 1.40000 market high range, with a lot of bearish pressure at 1.31407.
So a stop loss anywhere above the purple dotted line should be fine, but monitoring—strong monitoring—will be required.
It's not ideal to place a stop loss above the purple line, sell the current price, and leave it for 3 months. Assessment of the support levels is necessary to lower the SL as the price drops. It is an expensive setup for 3 months, okay...but that's it for GU. One can look for bearish engulfing candles in the weekly or daily chart to trade for a shorter timeframe.
Happy Trading,
K.
GBPUSD is a long-term trade idea stretching as far as 3 months with this weekly setup. It currently does not appear ideal for day trades for Forex traders, but for binary traders, this pair is still fine. So we focus on the longer-term range for this one. It appears that the market trend is held by the 1.40000 market high range, with a lot of bearish pressure at 1.31407.
So a stop loss anywhere above the purple dotted line should be fine, but monitoring—strong monitoring—will be required.
It's not ideal to place a stop loss above the purple line, sell the current price, and leave it for 3 months. Assessment of the support levels is necessary to lower the SL as the price drops. It is an expensive setup for 3 months, okay...but that's it for GU. One can look for bearish engulfing candles in the weekly or daily chart to trade for a shorter timeframe.
Happy Trading,
K.
Trade closed manually