DESCRIPTION:
If we look at the intraday charts, this currency still has a healthy bearish momentum, which was indicated by all the three Moving Averages form the "Death Cross" formation pattern. The price still makes a lower-high and lower-low. Although, two days ago this currency breached bellow the 1.5775 level, today the GBP/USD pair must reach 1.5575 as the proof it still has a good bearish momentum. If today it cannot reach 1.5575, there will a possibility for this currency to go up again at least just for the little pullback.
Recommendation:
SELL at 1.5624.
Take profit is at 1.5610.
Stop loss is at 1.5634.
Or
BUY stop pending order at 1.5668.
Take profit. 1 is at 1.5681.
Take profit. 2 is at 1.5703 (optional).
Stop loss is at 1.5647.
Best regards,
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
Email: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading 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.
