Good day, traders! Just ahead is the release of the Fed's latest decision on monetary policy, followed by a press conference.
The situation in GBP/USD pair is interesting because, over the past month, the pair accumulated massive buyer liquidity at the level of 1.23500.
Considering that there is a three-wave pattern (ABC), where wave A represents the downward movement observed early this week, traders could sell up to the 50% retracement level, with stop loss set at 1.25800. Take profit upon the breakdown of 1.23500.
This trading idea is based on the "Price Action" and "Stop hunting" methods.
Good luck and have a nice day! Don't forget to control the risks.
