GBPUSD - Downward trend will continue, Short trade by market price recommended
October 7, 2019 6:43:39 AM
Forecast Details
PairGBPUSD
Direction
Sell
StatusClosed (1.247)
-150 p
1.2470
Stop Loss
1.2320
Entry
+149 p
1.2170
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- Majority of traders are still holding onto Longs. This means we should continue to Sell GBPUSD.
- The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
- The dynamics of the Ratios indicator signals for Short opportunities. Pay attention to the area marked on the image.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
- MVP line is above the price and acts as a resistance level.