Good afternoon, dear traders! Today, a significant event has occurred. First, our forecast for a breakdown of 1.2 was fulfilled. Congratulations to those who used this trading idea and earned 250p.
Secondly, large buyers are given opportunities to work on lowering. The fact is, GBPUSD is a trending instrument that can go for months without a pullback. Thirdly, the news background on the pound, to put it mildly, is not the most favorable, and only the lazy do not write about it now. Fourth, the decline of the GBPUSD pair is not only a weakening of the pound, but also a general strengthening of the dollar in all currencies. A weak pound on a strong dollar is a good downward trend.
On the other hand, you should understand that for 1.2, there are huge orders to close unprofitable positions of buyers this year, and so on. "Pulling" down points by 100 or more can happen at any time. And those who are now buying GBPUSD are fond of catching the "bottom of the market." But as the good old trading proverb says: "Buy the bottom of the market - and get the second as a gift!". It is on trending instruments that it is especially relevant. Therefore, in this situation, I recommend not to take medium-long-term positions, but instead, I recommend buying down in a large amount when the pair recovers to technical resistance levels and taking 2/3 of profit in case of breakdowns of the minimums.
Good luck in trading!
