Today we continue to trade the GBP / USD currency pair. At the time of writing, a trading signal was formed for this currency pair. There are two types of trading strategies when trading using support and resistance levels: for the breakdown of the level and for the rebound from the level. Now the currency pair is close to the resistance zone 1.2265-1.2280. Accordingly, traders will be divided into two camps: those who will now sell and those who will buy to break through the resistance level.
The main scenario.
The continuation of the downward movement remains increased, so buy orders under the marked resistance area remain in the risk zone. As a result, the appearance of a false breakout 1.2280 and the return of the currency pair to the level of 1.2265 will be considered as a sell signal with minimal risk.
A Break for the currency pair above the resistance level 1.2280 will open the way to the next target 1.2370. However, this trading signal is weak according to my trading strategy.
A surge in trading activity may occur during the opening of the US trading session and the publication of a report on consumer confidence in the United States.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.
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