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.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.