GBPUSD - Upward trend will continue, Long trade by market price recommended
November 4, 2019 12:36:36 PM
Forecast Details
PairGBPUSD
Direction
Buy
StatusClosed (1.28)
+129 p
1.3050
Target 1
1.2920
Entry
-120 p
1.2800
Stop Loss
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- 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.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- When the price decreases, a signal is formed (orange labels), which implies an upward movement.
- The idea of this Buy forecast is based on a long-term upntrend, which is confirmed by the MVP indicator dynamics.
- Here we see an accumulation of sellers "locked" with a loss positions. We consider this zone as a support.