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Written By Raymond Omondi
Trading the GBP/USD using the 423.6 level as an entry point can be a profitable strategy for day traders in 2023. The 423.6 level is a key technical level on the GBP/USD chart that can indicate oversold or overbought conditions in the market.
One way to use the 423.6 level as an entry point is by looking for oversold conditions. When the GBP/USD falls below 423.6, it can indicate that the market has become oversold and that a reversal is likely to occur. In this case, traders may consider buying the GBP/USD at the 423.6 level with the expectation that the market will rebound.
Another way to use the 423.6 level as an entry point is by looking for overbought conditions. When the GBP/USD rises above 423.6, it can indicate that the market has become overbought and that a reversal is likely to occur. In this case, traders may consider selling the GBP/USD at the 423.6 level with the expectation that the market will pull back.
Trading the GBP/USD during the London session can be especially useful when using the 423.6 level as an entry point. The London session is the most active trading period for the GBP/USD, and it is during this time that the majority of volume for this currency pair is generated. In fact, it is estimated that around 40-50% of total daily GBP/USD volume is traded during the London session. This means that there is a higher likelihood of the 423.6 level being triggered as an entry point during this time.
One tool that traders can use to analyze the GBP/USD and the 423.6 level is the Bloomberg channel on YouTube. This channel provides a wealth of information and analysis on the currency markets, including the GBP/USD. By watching videos and following the analysis provided by Bloomberg, traders can gain a better understanding of the market conditions and how the 423.6 level may be impacting the GBP/USD.
In summary, using the 423.6 level as an entry point for day trading the GBP/USD can be a profitable strategy in 2023. Traders can look for oversold and overbought conditions at this level, and trade the pair during the London session when the majority of GBP/USD volume is traded. Analyzing the pair using Bloomberg’s Youtube Channel can be a useful tool to help understand the market.
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