Result: Profitable Trade

Forecast – BULLISH

Date Posted:       28 Apr 2020

Instrument:     GBPUSD

Chart Timeframe: DAILY

Current Trend:   SIDEWAYS

Momentum:    UP

Key Tech Level:    1.2440

Potential Opportunity

Trade Action:   BUY A BREAK

Stop Loss          -30 pips

Entry                  1.2452

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.

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

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