07.04.202112:47 Forex Analysis & Reviews: Trading idea for the GBP/USD pair

Exchange Rates 07.04.2021 analysis

An interesting scenario happened in the forex market: the pound, after not generating profitable transactions for many months, formed a good buy level at 1.4.

Exchange Rates 07.04.2021 analysis
To be more specific, since the quotes form an Elliot wave (ABC wave pattern) in which wave A is the upward initiative from March 24 to April 6, buyers can open transactions at 1.37900 and set off a 50% rollback towards 1.4. Limit, meanwhile, should be placed at 1.37200.

This plan follows the classic and trusted Price Action and Stop Hunting strategies.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Andrey Shevchenko,
Analytical expert
InstaForex Group © 2007-2021
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