Even though the GBPUSD has been ranging in the last 4 or 5 trading sessions, we are still in a bullish market condition looking for long trading opportunities. Here is the chart:
The pound-dollar broke the previous resistance level (now support), this should take it to the next long term resistance level around 1.6658.
My Trading Plan
As long as the Sterling keeps trading above 1.6276, I will be looking for long trading opportunities. All take profit orders will be set below the next resistance level around 1.6658.
All short opportunities will be ignored.
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .