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

December 10, 2019 7:35:58 AM by Alexander Zorevyk
Forecast Details
PairGBPUSD
Direction Buy
StatusClosed (1.3135)
7:34
7:34
Dec. 10, 2019

+69 p
1.3230
Target 1
1.3160
Entry
-70 p
1.3090
Stop Loss
Chart & Analyst Comments
GBPUSD - Upward trend will continue, Long trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on GBPUSD. As a result, we recommend considering only Long trades at this time.
  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. The Profit Ratio reversal indicator doesn't react on upward movement. This means that the movement is not fake.
  4. MVP line is below the price and acts as a support level.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.