After the negative announcements concerning the Retail Sales, GBPUSD is moving bearish today, finding support at 1.5987. As you can see from the chart above, the pair is moving above 100-SMA and 50-SMA, while the first one is almost at the same price with the support line of 1.5987. Thus a good idea could be to open long position a little above the support line, putting stop loss 10 pips lower and taking profit at 1.6030.
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