GBP/USD - Trade Plan and Strategy
The British Pound (GBP) against the US Dollar (USD) on the 1-hour timeframe has been following a bearish trend, as evidenced by the trendline and the formation of consecutive lower highs (LH) and lower lows (LL). However, the trend appears to be reversing, as the price has broken above the bearish trendline and has started forming higher highs (HH) and higher lows (HL), suggesting a potential shift to an uptrend.
Trade Plan: The plan is to enter a long position if the price breaks above the second higher high (HH) level, signaling a confirmation of the trend reversal. The entry price is set at 1.30205, with a risk-reward target ratio of 1:2. The stop-loss level is set at 1.29575 to manage downside risk, while the take-profit levels are positioned at 1.30830 (TP1) and 1.31460 (TP2).
Trade Plan: The plan is to enter a long position if the price breaks above the second higher high (HH) level, signaling a confirmation of the trend reversal. The entry price is set at 1.30205, with a risk-reward target ratio of 1:2. The stop-loss level is set at 1.29575 to manage downside risk, while the take-profit levels are positioned at 1.30830 (TP1) and 1.31460 (TP2).
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