gbp/usd retracement method
Market on the 1 day timeframe looks very promising for a resurgence of the pound to go trending up as well due to bank of England raising the interest rate from 0.25% to 0.50% which was done to meet inflation rates.
Higher interest rate means higher exchange rate cause people are willing to exchange their currency to GBP to add on interest.
This also fits with the retracements shown on analysis and every time the market retraced at those moments, it shot up forming a clean candlestick most of the time.
I'm hoping it will shoot up one more time so I can set a Buy Stop just roughly 10 pips above current market and ride it through until first resistance.
Use 1d for analysis and lower time frames to double check and to initialise and place an order.
Higher interest rate means higher exchange rate cause people are willing to exchange their currency to GBP to add on interest.
This also fits with the retracements shown on analysis and every time the market retraced at those moments, it shot up forming a clean candlestick most of the time.
I'm hoping it will shoot up one more time so I can set a Buy Stop just roughly 10 pips above current market and ride it through until first resistance.
Use 1d for analysis and lower time frames to double check and to initialise and place an order.