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Go long following a bullish price action reversal on the H1 timeframe immediately upon the next touch of $1.2870 or $1.2853.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
Short Trade Ideas
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Go short following a bearish price action reversal on the H1 timeframe immediately upon the next touch of $1.2947 or $1.2980.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the price reaches 25 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic“price action reversal” is for an hourly candle to close, such as a pin bar , a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.EURUSD Chart by TradingViewGBP/USD AnalysisI wrote in my previous GBP/USD forecast on Wednesday last week that the support level at $1.2950 again looked pivotal, and was likely to hold. I mentioned the supportive area could start at $1.2957. This was a good call as $1.2957 was the low of the day’s London session almost to the pip.The technical picture has become more bearish as the US Dollar made a recovery towards the end of last week which has continued this week and is getting a further headwind from comments made by Fed member Bostic yesterday on persistent inflation. Even though the British Pound is a relatively strong currency due to its 4.5% interest rate and relatively hawkish central bank, we still see the price testing lows and looking heavy in the area below the round number at $1.2900, although there is some support there,The supportive zone below between $1.2870 and $1.2853 looks strong and likely to hold, so if the price does fall down there, as is quite likely to happen, and we get a bullish bounce at the first test, a long trade will probably be a good bet.There is nothing of high importance due today regarding either the GBP or the USD.Ready to trade our free Forex signals? Here is our Forex brokers list for review.
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