GBPUSD - Upward trend will continue, Long trade by market price recommended
August 4, 2020 5:45:32 AM
Forecast Details
PairGBPUSD
Direction
Buy
StatusClosed (1.299)
+100 p
1.3165
Target 2
+75 p
1.3140
Target 1
1.3065
Entry
-75 p
1.2990
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- Majority of traders are still holding onto Shorts. This means we should continue to Buy GBPUSD.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- MVP line is below the price and acts as a support level.
- Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
- The trade is aimed at the previous high breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.314
