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The dip to 1.5650 this morning was probably the best opportunity to go long GBP/USD toady.
We might slip lower to test this spike but the trend is bullish as long as we trade above 1.56 and dip towards this level will be viewed as buying opportunity by most traders. As long as we trade above 1.56 I expect us to trade to 1.58 and 1.5850.
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GBP/USD 60 min chart
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Cool so you think we can move higher with 300 pips? what's a good stop loss level?
Wait for this bar at 4 hour complete first. Then you can see where to put the stop loss. Do you want to take this high risk trade ? News is going to launch at this bar. The probability is high if it is green bar at 4 hour.
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