empty
 
 

11.06.202113:08 Forex Analysis & Reviews: Trading idea for GBP/USD

Exchange Rates 11.06.2021 analysis

Dollar unexpectedly sank yesterday despite the positive data on US inflation. Accordingly, this resulted in pound rallying, during which a bullish engulfing pattern was formed, and the quote hit the level where most buyers set their stop orders. Sell stops, meanwhile, remained intact.

Exchange Rates 11.06.2021 analysis

Pound could undergo a pullback if traders make use of Fibonacci extensions.

Exchange Rates 11.06.2021 analysis

Since pound has a three-wave pattern (ABC), where wave A represents the buying pressure on Thursday, traders can open long positions to trigger a 50% retracement from 1.41400-1.41300. Place stop loss at 1.41, and then take profit at the breakdown of 1.42. This strategy is under the framework of Price Action and Stop Hunting.

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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.