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There is a trading opportunity to sell in GBPUSDMidterm forecast: . While the price is below the resistance 1.2265, beginning of downtrend is expected. . We make sure when the support at 1.2024 breaks. . If the resistance at 1.2265 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: . A peak is formed in daily chart at 1.2640 on 04/29/2020, so more losses minimum to Major Support (1.2024) is expected. . Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. . Relative strength index ( RSI ) is 35. Trading suggestion: . There is a possibility of temporary retracement to suggested Resistance line (1.2181). if so, traders can set orders based on Price Action and expect to reach short-term targets. We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets. Entry signal: Signal to enter the market occurs when the price comes to " Sell zone " then forms one of the reversal patterns, whether " Shooting Star " or " Peak ", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and special version of our " Price Action " strategy FOLLOW our lessons: Take Profit: TP1= @ 1.2024 TP2= @ 1.1888 TP3= @ 1.1409
Short
by ForecastCity
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