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

May 14, 2019 5:48:39 AM by Alexander Zorevyk
Forecast Details
PairGBPUSD
Direction Sell
StatusClosed (1.289)
5:46
5:46
May 14, 2019

-69 p
1.3030
Stop Loss
1.2960
Entry
+70 p
1.2890
Target 1
Chart & Analyst Comments
GBPUSD - Downward trend will continue, Short trade by market price recommended
  1. Majority of traders are still holding onto longs. This means we should continue selling GBPUSD.
  2. The activity of "fresh" buyers in a downward movement may indicate that the market crowd still does not believe in a bearish trend.
  3. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous support. This is a good level for placing take profit according to our forecast.