GBPUSD Daily Forex forecast – April 7, 2020

The market has not seen a lot of action as investors wait-and-see governments’ response to, and the overall impact of COVID-19.

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 7. 2020.

Directional bias.

Price has been drawn to the weekly pivot 1.2299.

While it is still below the pivot I will be looking for sell opportunities targeting exits at various support levels.

Alternative scenario

If price goes above the weekly pivot – see the white line – buy opportunities should be sought.

Target the various resistance levels for exits.

#forextrading Opportunities for both buys and sells lurk around support and resistance levels – price respects them. #forex #trading Click To Tweet

Final thoughts.

You can never know where the market is headed, so exercise extreme caution as you trade.

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

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 #investment Click To Tweet

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