DESCRIPTION:
Since two days ago, this currency already breached bellow 1.5475 again; and yesterday it was a second time for the GBP/USD breach. The pair closed bellow those level, but since two days ago 1.5500 has been acting as a strong resisistance. With all the three Moving Averages still making the Death Cross pattern, this currency pair still seems to be under bearish pressure and 1.5275 still will be the target to reach. As long as 1.5585 is not hit by this currency pair, the bearish momentum will continue.
Recommendation:
Sell stop (pending order) at 1.5406.
Take profit 1 at 1.5379.
Take profit 2 at 1.5336 (optional).
Stop loss at 1.5449.
Alternative:
Buy stop (pending order) at 1.5451.
Take profit at 1.5465.
Stop loss at 1.5441.
Best regards,
Official Analyst of InstaForex Group
InstaForex 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.
