GBPUSD > The Perfect Setup for A Buy Entry!!

[skrimon]

Analysis of #GBPUSD

Hi traders, today we will have a look at #GBPUSD

the GBPUSD is in this beautiful wedge pattern as you can see on my chart, the market tested its trendline resistance and now started a move down, if you check y previous ideas on the GBPUSD where I explain why I expect the pound to move lower.

now, there is a very good support zone that coincides with trendline support near the 1.165-1.1600 key market level.


if the market drops to my key market support level I will drop a one-time frame looking for a bullish reaction to get in a buy trade with good reward to risk if the rules are met.

I hope you guys found this helpful, if you are new here click on follow, to get these ideas delivered straight to your email inbox, I will see you guys at the next one

Thank you for spending time here!

 

[Latham]

More and more knowledge on leverage and spread should be gathered.

 

[Fin_Trader]

I would add that we need to set stop losses, because the market does not always do as we planned. And only from the size of this stop loss you need to calculate the lot size in the transaction in order to follow risk control.