Dear GBP/USD Trading Signal Traders
The trading signal from last time has given us some decent return. It was around 50 pips short of reaching my primary target, but have already taken profits off the table. The price action is indicating that the bulls are already exhausted. Now, it is time for taking profits and looking for another trading signal.
Looking at GBP/USD when I have taken my profits already from the long position, makes me see an opportunity to short it. The price is locked between a strong support and resistance areas and that is why we can see it bouncing on and off from these levels. The daily price action is showing a bullish rejection or a pin bar candle. I am looking to short GBP/USD and not only take my profits from the previous long trade. I believe that one of the best qualities of a successful trader is to be able to change his mind (position) very quickly, when the market is changing its direction. In this case, there is no established direction and we are locked in a box. My entry for this short trade would be at 1.4340. My stop loss would be at 1.4440. My primary target is the level of 1.4200. Then, it will come down to price action to decide.