In the current market, the British Pound (GBP) has been under pressure against the US Dollar (USD) due to ongoing geopolitical tensions. However, there is an opportunity for a scalp trade regardless of these tensions.
Chart Analysis
The chart shows a breakout from a support level, which could indicate a potential move to the upside. The price has also been consolidating recently, which could be a sign of accumulation before a breakout.
Trade Idea
Entry: Buy GBPUSD at the break of the support level
Stop-Loss: Below the support level
Take-Profit: Target 1 at the next resistance level, Target 2 at the following resistance level
Risk Management
It is important to manage your risk carefully when trading. Only risk a small percentage of your capital on each trade.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult with a financial professional before making any investment decisions.