GBPUSD Daily Forex forecast – April 6, 2020

Welcome to another trading week.

The world economy has been brought to a screeching halt as many countries struggle to contain the spread of coronavirus.

That’s what’s moving the markets.

Most investors are on a wait-and-see mode, risking less thus draining liquidity from the currency markets.

We saw this on Friday when the terrible US payroll data barely made a dent.

These are the times for a cautious #trader to stay away. The spreads and spikes bleed accounts. #forex #stocks #forextrading Click To Tweet

For the risk cautious trader, you can explore the markets with the $30 no deposit bonus from XM and Tickmill and trade risk-free. You can withdraw your profits.

If you are trading, here is a look at our GBPUSD daily forecasts for today, April 6. 2020.

Though the charts are showing the USD is gaining, be alert when investors choose to react to the NFP data today.

Directional bias.

gbpusd dailyforecast-6-April -2020

The current price – 1.22244 – is below the weekly pivot 1.2299.

I will be looking for sell opportunities targeting exits at various support levels.

But, with low liquidity, the market may range between the S38 and R38 levels.

Alternative scenario

Buy signals should be sought when price is above the weekly pivot, or at the various support levels.

Final thoughts.

The Coronavirus has not only impacted our way of life, even our trading is taking hits.

Only play when you are aware of the risks and adequately planned for them.

Shorter timeframes are disastrous right now, beware.

Forex brokers are cutting down leverage while widening their spreads due to the market conditions, so stay alert and trade with caution.

#COVID-19 is real, be safe. #Trade safe and follow your rules. #forex #GBPUSD Click To Tweet
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