In as much as we have a long term downtrend possibility on this pair, possibility of taking a counter-trend trade is explained thus;
Tendency: Temporary Uptrend (Bullish)
Structure: Support and Resistance | Supply and Demand
Observation: i. Price breaks resistance zone @ 1.72000.
...
GBPSGD bounced off 1.74860 where it could potentially rise further to 1.76483.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
GBPSGD is expected to drop to 1st support at 1.72191 where it could potentially react off and up to 1st resistance at 1.73065.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero lines.
The oscillator Force Index is above the zero lines.
If the level of resistance is broken, you should follow the recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.7085
• Take Profit Level: 1.7200 (115 pips)
If the...
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