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Pound is approaching crucial support zone . Buy Stops will be triggered around 1.2705 to target 1.3233 zone

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Trading levels for supply and demand Trading

Price has been very subdued followed by strong rallies in great pound and it is the only pair which has not pick up any momentum, no matter what the situation might. Rate cut hopes are in the air after Fed cut its deposit rate by 0.50 bps & Now people are expecting BOE to act . Carney will speak on future action tomorrow but I don’t care as I watch only my charts and trading levels to be traded.

I would surely recommend trading at 1.2710-15 zone with stops just below the last rejection candle out of the zone as bullish dozi which is around 1.2669 level. If you really like to know the reward of the trade, then it would target the upper part of zone around 1.3250 zone and may be higher because according to elliott wave analysis final leg of wave c of 2 is on the way & it will target higher levels in coming months and years. So, all in all a very good risk to reward opportunity if you are position trader.

What do you think?

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