Result: Profitable Trade
Forecast – BULLISH
Date Posted: 28 Apr 2020
Chart Timeframe: DAILY
Current Trend: SIDEWAYS
Key Tech Level: 1.2440
Trade Action: BUY A BREAK
Stop Loss -30 pips
Take Profit +90 pips
Chart & Forecast Details
I still think GBPUSD is undervalued so as we start to roll back the lockdowns across the globe we should see the USD safe-haven trade unwind. GBPUSD currently has Daily resistance at 1.2440 and a break of this level opens up a move towards 1.3000. The only issue is going to be consistent weak USD momentum as the Coronavirus updates/news isn’t exactly fluid.
Incorporating reasonably structured trailing stop-loss orders should provide the potential for maximum profits whilst protecting us against fading weak USD momentum.
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