GBPUSD - Downward trend will continue, Short trade by market price recommended

April 12, 2019 6:42:51 AM by Alexander Zorevyk
Forecast Details
PairGBPUSD
Direction Sell
StatusClosed (1.31)
6:04
6:00
Apr. 12, 2019

-40 p
1.3100
Stop Loss
1.3060
Entry
+40 p
1.3020
Target 1
Chart & Analyst Comments
GBPUSD - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 1.306. This idea is based on the following analysis:

  1. According to the most brokers’ data, more than half of the traders are currently in long positions on GBPUSD. As a result, we recommend considering only Short trades at this time.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  4. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.