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[QUOTE="Antony_NPBFX, post: 179139, member: 38727"] [size=5][b] GBP/USD: general review 06.04.2020 [/b][/size] Good afternoon, dear forum visitors! [url= https://www.tb.marketinstructor.com/?referer1=earnforex.com] NPBFX[/url] offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading. [b] Current trend [/b] GBP today shows ambiguous dynamics, consolidating after a surge of “bearish” activity at the end of last week. Investors sold GBP on Friday amid worsening situation with coronavirus in the UK. Markets hope that the country will be able to overcome the peak of the epidemic in the next two weeks, but so far there is little evidence of this. Investors also focused on the March US labor market report on Friday. As expected, the report was negative, but did not prevent the further strengthening of USD. Nonfarm Payrolls in March collapsed by 701K after rising by 275K in February. The Unemployment Rate jumped from 3.5% to 4.4%, which was worse than forecasts of 4%. Labor Force Participation Rate also fell from 63.4% to 62.7% with a forecast of 63.3%. Average Hourly Earnings in March surprisingly increased by 0.4% MoM after rising 0.3% MoM in February. [b] Support and resistance [/b] Bollinger Bands in D1 chart show moderate growth. The price range is narrowing, reflecting flat nature of trading. MACD is reversing downwards forming a new sell signal (trying to consolidate below the signal line). Stochastic shows more confident dynamics and maintains a downtrend with a sell signal. The indicator is rapidly approaching its lows, which may indicate growing risks of GBP being oversold in the ultra-short term. The development of a full-fledged downtrend is possible in the short and/or ultra-short term. Resistance levels: 1.2329, 1.2484, 1.2600, 1.2800. Support levels: 1.2200, 1.2077, 1.2000, 1.1800. [img] http://businesspr-finance.com/wp-content/uploads/2020/04/gbp-3.png [/img] [img] http://businesspr-finance.com/wp-content/uploads/2020/04/gbp-4.png [/img] [b] Trading tips [/b] To open long positions, one can rely on the rebound from 1.2200 with the subsequent breakout of 1.2329. Take-profit – 1.2600 or 1.2700, 1.2800. Stop-loss – 1.2077, 1.2000. A breakdown of 1.2200 may be a signal for new sales with target at 1.1900 or 1.1800. Stop-loss – 1.2400 or 1.2484. Implementation time: 2-3 days. [b]Use more opportunities of the NPBFX analytical portal: E-book[/b] If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more. You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website. If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist. Use the current recommendations of analysts on GBP/USD and trade efficiently with [url=https://my.npbfx.com/register/?utm_campaign=register&utm_medium=forumpost&utm_source=earnforex]NPBFX[/url]. [/QUOTE]
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