1. Key Support and Resistance Levels
Identify recent support levels to confirm the stop-loss placement around 340 pips below your entry. If the price sits close to a strong support level, this might provide a buffer against further declines.
Ensure your 150-pip target is near a resistance level, especially if GBP/USD has been trending upward. Resistance nearby could indicate the trade is likely to reach the take-profit level.
2. Fundamental Analysis
GBP/USD is highly sensitive to economic news from both the UK and US, including interest rate decisions by the Bank of England (BoE) and Federal Reserve, as well as data like employment figures, inflation reports, and GDP releases.
Check for upcoming economic data releases that could cause volatility in GBP/USD, as this would impact the probability of reaching your take-profit level without hitting the larger stop loss.
Identify recent support levels to confirm the stop-loss placement around 340 pips below your entry. If the price sits close to a strong support level, this might provide a buffer against further declines.
Ensure your 150-pip target is near a resistance level, especially if GBP/USD has been trending upward. Resistance nearby could indicate the trade is likely to reach the take-profit level.
2. Fundamental Analysis
GBP/USD is highly sensitive to economic news from both the UK and US, including interest rate decisions by the Bank of England (BoE) and Federal Reserve, as well as data like employment figures, inflation reports, and GDP releases.
Check for upcoming economic data releases that could cause volatility in GBP/USD, as this would impact the probability of reaching your take-profit level without hitting the larger stop loss.
Trade closed: target reached
MISSION COMPLETE
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.