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23.06.202113:44 Forex Analysis & Reviews: Trading idea for GBP/USD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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

Exchange Rates 23.06.2021 analysis

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

Exchange Rates 23.06.2021 analysis

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.

Exchange Rates 23.06.2021 analysis

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

Good luck!

Andrey Shevchenko
Analytical expert of InstaForex
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