For the past couple of days, GBPUSD has been ranging with some wide swings. Anytime price consolidates, we refer back to the Wyckoff's Theory to understand what's happening and where price is likely to head next. After the 3rd hit to support level, the pound finally dropped. We know the purpose of this drop and what happens next. However, the pound has now breached the 1.20 to 1.30 Quarter Points, which gets me thinking, will the pound reach the 1.75 LQP? I sit on my hands with this one to see how price will play out.
Beaucoup Out
Beaucoup Out
Trade closed manually:
250 Pips, in and out