empty
 
 
04.05.2021 10:35 AM
Trading idea for GBP/USD for May 4, 2021

This image is no longer relevant

Hello, dear traders! Let us discuss the trading idea for GBP/USD.

The trading instrument has recently been in the consolidation zone between 1.40000 and 1.36600. Based on the Stop hunting strategy, the price will approach both levels sooner or later. The analysis of impulsive bull moves for today indicates the power of buyers. Let us consider a long-term scenario to the 1.40000 level.

This image is no longer relevant

Based on yesterday's bullish trend, the price is currently in the 50% retracement zone:

This image is no longer relevant

Thus, we have a three-wave structure - ABC. In this case, Wave A indicates yesterday's bullish trend. Traders should consider entering long positions from the 50% retracement level of 1.38635 according to the chart. A Stop Loss and a Take Profit should be placed at 1.38300 and 1.40000 respectively. The trading idea for GBP/USD is based on the strategies Price action and Stop hunting.

Have a nice trading day!

Andrey Shevchenko,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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