GBP/USD Analysis 10/10/2023

10 oct. 2023

I have located a long position that I would like to take in the GBP/USD Market where I will target the next liquidity high point after I believe there will be a move to the downside to take out lower stop losses before the main move the upside. I have noticed points of liquidity on the British Pound Index (BXY) and the Dollar Index (DXY) that support this theory. I have set my entry off of an order block to the downside which I believe will be filled and I have placed my stop 10 pips below that and I am looking at around a 1:5 RR on this trade with 0.5% risk on my demo account.