The market has stabilized, the first signs of a downtrend appeared

May 13, 2020 5:57:01 AM by Alexander Zorevyk
Forecast Details
PairGBPUSD
Direction Sell
StatusClosed (1.22)
5:53
5:53
May 13, 2020

-89 p
1.2420
Stop Loss
1.2330
Entry
+85 p
1.2245
Target 1
+130 p
1.2200
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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 activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. MVP line is above the price and acts as a resistance level.
  4. Analyzing the positions ratio, we see that most traders are currently in Longs, which also combined with the original idea.
  5. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.