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GBPUSD - Upward trend will continue, Long trade by market price recommended

August 4, 2020 5:45:32 AM by Alexander Zorevyk
Forecast Details
Direction Buy
StatusClosed (1.2990)
Aug. 4, 2020

+100 p
Target 2
+75 p
Target 1
-75 p
Stop Loss
Chart & Analyst Comments
  1. Majority of traders are still holding onto Shorts. This means we should continue to Buy GBPUSD.
  2. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. MVP line is below the price and acts as a support level.
  4. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
  5. 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
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