This week Gbp/Usd has touched monthly fibonacci 50% line then bounced 140 pips up. I think it will go to 1.3500 level then go back to fibonacci 61.8% line. So i will put my pending order 40 pip below 61.8 line. Because when we put our order right at the 61.8 line, it usually hits our stop loss.
Plus we should avoid or watch carefully big news event the week our pending order nears the price.
Plus we should avoid or watch carefully big news event the week our pending order nears the price.