ECHO | GBP/USD -> Long opportunity.Seeing we are closing the month in combination of the end of the first quarter we could see erratic moves take place. For the POUND Sterling, their financial year starts in Q2. Based on seasonal patterns and what we have witnessed lately the last years, APRIL -> Bullish GBP. Have a look at our analysis, see what you can find out.
We have set a pending order at spot price area of 1.3000. There are psychological factors that play where algorithms will take profit at round levels. Further these are the reasons for this pending:
- Round level 1.3000
- Profit taking at local low
- Imbalance zone on H4
- Pullback to ema\s
A wide stop is used to give the trade some breathing room. Final TP could be around the descending TL to form a lower high. We will keep you updated on the trade when it goes live.
ECHO
