Large British auction

Posted On 19 May 2020

Good afternoon traders! Here is a trading idea for the GBP/USD pair.

Recently, the pound was in the clear range of 5000 pips between quotes 1.26500 and 1.21500. A breakdown occurred at the lower limit on Friday, and yesterday, news of the successful test of the Covid-19 vaccine on humans was published. With such data, the pound returned to its range, so I suggest working on a false breakdown of the lower border to get a movement upwards.

D1:

Implement the idea on the lower time frames using yesterday’s long impulse as wave “A” of the classic “ABC” structure

H1:

Wait for a rollback before working for an increase by holding long positions to the first goal 1.22400 (double absorption peak). Consolidate part of the position and hold the quotes to the upper border of the auction, with profit taking at 1.26500.

The trading idea is based on the framework of the “Price Action” and “Stop Hunting” methods.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Large British auction

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