GBPUSD Daily Forex forecast – April 8, 2020

As we prepare for London to open for another trading day.

For currency traders of the GBPUSD, here is the daily forecast for today, April 8. 2020.

We are in a tough season, exercise a lot of caution in your trading. If you need, grab a $30 no deposit bonus from XM and Tickmill and trade risk-free. You can withdraw your profits.

Directional bias.

gbpusd dailyforecast-8-April -2020

Yesterday I pointed out that price is drawn to the weekly pivot 1.2299. We can see that that is true.

Since it is above the pivot, I am looking for long opportunities, but keeping my targets for take profits small – 1.2402.

Alternative scenario

Below the weekly Pivot, look opportunities to short the GBPUSD.

Target the various resistance levels for exits. 1.2196 is the most likely resistance level price will test if the bears dominate.

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

Final thoughts.

That’s the daily forecast for the GBPUSD for today April 8, 2020.

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

Leave a Comment

Are you SICK of loosing money and your mind trading?

Join traders like you and receive exclusive actionable trade ideas and resources that will help you extract money every day from the markets.