GBP/USD – Can Expect a Breakout Above $1.2150 for the Gbp/usd Pair

• Make sure to take these trades today itself precisely before 5 PM London time. 
• Risk: 0.75% per trade 

Long Position

• Open these positions after a bearish price action reversal on hourly time frame, once price touches $1.1958, $1.2059 or $1.2071 
• Stop loss: place at 1 pip below the local swing low and move to break even once the trade gets 25 pips profit. 
• Take profit: Remove 50% of trade as profit once the stop loss is adjusted. 
• Let the remainder of the trade position run after taking profit. 

Short Position 

• Open these positions after a bullish price action reversal on hourly time frame, once price touches $1.2290, $1.2264 or  $1.2148.
• Stop loss: Place at 1 pip above the local swing high and move to break even once the trade gets 25 pips profit. 
• Take profit: Remove 50% of trade as profit once the stop loss is adjusted. 
• Let the remainder of the trade position run after taking profit. 

Yesterday, we saw the GBP/USD pair rising even with a strong USD. But the market sentiments are dictated by uncertainty which could be troublesome for the cable buyers. Still, it is better to wait for a bullish breakout and this can be expected once you see 2 consecutive hourly closes above $1.2150. But also be prepared for a fall if you see the price going below  $1.2058. 

If the downtrend prevails, the price can go down to $1.2000. But a short trade doesn’t look like an easy catch at the moment. Hence, going long after the expected bullish breakout would be a better deal. Earlier the price was caught between 2 close support levels, initiated at a level of $1.2071 and supposedly the resistance at $1.2148 was a pivot point. Coming to the fundamentals, there is no key economic data to watch out for the Pound. However, today’s FOMC minutes can cause some action for USD. 

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