Result: Profitable Trade

Forecast – BEARISH

Date Posted:       4 May 2020

Instrument:     GBPUSD

Chart Timeframe: HOURLY

Current Trend:   UP

Momentum:    DOWN

Key Tech Level:    1.2475

Potential Opportunity

Trade Action:   SELL A BREAK

Stop Loss          -30 pips

Entry                  1.2462

Take Profit        +90 pips

Chart & Forecast Details

GBPUSD has had a good run to the topside as the USD safe-haven default was rolled back out. But that scenario has changed significantly as Lockdown rules are rolled back and Trump sparks up the tension with China with regards adding more Tariffs to their Exports. That creates a huge amount of uncertainty and should see the USD rally again which means GBPUSD should fall.

We’ve got a solid support level to work with as well. Remember, keep tight trailing stops in place to maximize profit potential and mitigate any pullbacks after the break.

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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