GBP/USD Forecast | April 22, 2020
Updated
Hello Traders! Hopefully you took advantage of the HUGE movement that I forecasted yesterday! GBP/USD is respecting the "Head and Shoulders" pattern which means we're going to see big opportunities to make big money.
For now, we might have a possible reversal to the upside as prices have reached close to a key area around 1.22235. Markets might continue downward more in order to retest our key area or it might actually start the reversal up. I would suggest placing a "Buy Stop" order at a higher price in case markets do continue upward. Once the bullish reversal is confirmed, I would set up 1st Take Profit at 1.23990, 2nd Take Profit at 1.24230, and 3rd Take Profit at 1.24450. As price continues to increase, you can trail your TP and SL accordingly.
Again, markets could continue lower for a retest or this might be where the reversal begins. Either way, with a "Buy Stop" ready, you will already be prepared!
Thanks,
-ALPHALICIOUS
For now, we might have a possible reversal to the upside as prices have reached close to a key area around 1.22235. Markets might continue downward more in order to retest our key area or it might actually start the reversal up. I would suggest placing a "Buy Stop" order at a higher price in case markets do continue upward. Once the bullish reversal is confirmed, I would set up 1st Take Profit at 1.23990, 2nd Take Profit at 1.24230, and 3rd Take Profit at 1.24450. As price continues to increase, you can trail your TP and SL accordingly.
Again, markets could continue lower for a retest or this might be where the reversal begins. Either way, with a "Buy Stop" ready, you will already be prepared!
Thanks,
-ALPHALICIOUS
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.