GBP/USD - Buying Pullback - 12/5/2016
Our patient and pragmatism has been rewarded handsomely with bucket full of pips in trading GBP/USD. It has been mentioned numerous times that why buying a big 500 / 1000 pip washout in GBP/USD makes sense, so we are not going to repeat it.
Again it is time to get cautious and we will be looking to book profit on our long positions ( initiated near 1.2200) during the spikes near 1.2800 / 1.2900. Also we are looking for opportunities to buy it during the pullbacks. Sub 1.2600 support levels near 1.2500 are attractive and hopefully we will get another opportunity to buy pound against USD there.
Again it is time to get cautious and we will be looking to book profit on our long positions ( initiated near 1.2200) during the spikes near 1.2800 / 1.2900. Also we are looking for opportunities to buy it during the pullbacks. Sub 1.2600 support levels near 1.2500 are attractive and hopefully we will get another opportunity to buy pound against USD there.
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