DESCRIPTION:
The GBP/USD has already got a bearish momentum, which is indicated by the moving average in the "death cross" formation and the price itself in the downtrend channel. If we look carefully after each retrachement the price usually break, we will see that they all support the area and continue the downside movement from this currency. We can take the opportunity from this situation.
Recommendation:
Sell GBP/USD at 1.5799.
Stop Loss at 1.5829.
Take Profit at 1.5755.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
Email : Arief.jakarta@indo.instaforex.com
Disclaimer :
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
