Trading the trend: long GBP/USD
We would like to jump on the GBP/USD medium-term uptrend and go long the cross, with a stop loss below the 24 May low at $1.2675, and an upside target just below the $1.3000 mark.
(AI Video Summary)
Previous trading outcomes
In this week's episode of "Trading the trend," Axel Rudolph discusses various trade strategies and the importance of setting the correct stop-loss levels. Notably, a long position was taken on the TUI shares despite an initial decline after a poor entry, the trade remained open with adjusted stop-loss levels reflecting new lows.
The EUR/USD long position was stopped out due to a significant drop following European elections.
Unsuccessful short attempts on natural gas prices and a fluctuating gold trade is also highlighted.
This week's trading opportunity
The focus then shifts towards a new strategy to go long on GBP/USD, with a stop loss below the 24 May low at $1.2675, and an upside target just below the $1.3000 mark.
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