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23.06.2021 01:44 PM
Trading idea for GBP/USD

Dollar soared last week, after the Federal Reserve said interest rates may increase much earlier than scheduled. Accordingly, risk assets slipped, including GBP / USD.

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Considering this, bearish traders can enter the market and open new short positions.

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To be more specific, since pound has a three-wave pattern (ABC), where wave A represents the selling pressure last week, traders can open short positions to trigger a 50% pullback from 1.39500-1.40000. Stop loss should be placed at 1.4100, while profit should be set at 1.37800-1.36700.

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This idea is under the framework of Price Action and Stop Hunting strategies.

Good luck!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
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