Recently, after breaking above 1.2774, GBP is still retracing towards my pending buy limit line 1.2723. From the daily chart shown above, the intraday trend bearish, but rather than going short, I will re-buy this pair should the price retrace back towards 1.2723. with this long position, I will place my ST at 1.2330 and my TP at 1.3489. The long term trend is bullish and sticking to long term trends is much safer.
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