If you go back to yesterday’s forecast I was spot on on the likely areas of price action.
Price respects support resistance levels, pay very good attention when you see it approaching them.
Here is the daily GBPUSD forecast for April 9. 2020.
The 4-hour chart shows GBPUSD is bullish, pointing to price going towards resistance levels 1.2511 or 1.2466.
Considering the market conditions, I am more of the view that price may come back to the weekly pivot 1.2299 from where it may rebound or break below.
If price shoots 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
That’s the daily forecast for the GBPUSD for today April 9, 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