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26.10.202012:17 Forex Analysis & Reviews: Trading idea for the GBP/USD pair

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After a strong rally last week, when the pound exited the triangle, the GBP / USD pair pulled back quite deep, which created a good opportunity to open long positions at a better price:

Despite that, the main target is still the level of 1.35 - a double top between 2019 and 2020:

Given the fact that the dollar is currently weakening ahead of the US presidential elections, as well as on the possible signing of a trade agreement between the UK and the EU, the pound has a high chance of increasing sharply in the market.

Thus, the best bet is to open long positions, expecting for a price increase towards the goal presented above.

Of course, the risk is still needed to be controlled to avoid losing profit. Trading in the market is very precarious and uncertain, but also very profitable as long as you use the right approach.

The strategy used here is in accordance to Price Action and Stop Hunting techniques.

Good luck!

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