Currency pair GBPUSD is ready for retracement, Bears come into play

February 22, 2019 8:49:39 AM by Alexander Zorevyk
Forecast Details
PairGBPUSD
Direction Sell
StatusClosed (1.298)
6:04
6:00
Feb. 22, 2019

-44 p
1.3060
Stop Loss
1.3015
Entry
+35 p
1.2980
Target 1
Chart & Analyst Comments
Currency pair GBPUSD is ready for retracement, Bears come into play
  1. Analyzing the positions ratio, we see that most traders are currently in Longs, which also combined with the original idea.
  2. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
  4. These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.