Experiences in forex trading, by a special way.

November 03, 2022

GBP/USD Forecast by CaPhiLe.Com: Bullish correction

Ending yesterday's session, GBP/USD as well as currency pairs EUR/USD, AUD/USD, NZD/USD, and even gold XAU/USD fell sharply.

On the 1-hour time frame, this expression is justified as the price moves in a fairly obvious downtrend.

On the Gbp/Usd currency pair, the price seems to have dropped "too much".On the Gbp/Usd currency pair, the price seems to be falling "overwhelmingly".

Based on our trading view "look for the anomalies to turn it into an opportunity", we see today as a BUY opportunity in the Gbp/Usd currency pair.

Note that the probability that the price will continue to fall is still higher than the probability of an increase. However, the price will usually move in continuation of the trend in the European and American sessions. Therefore, the opportunity to Buy this currency pair in the Asian session is very large.

Take profit should be around 40-50 pips, stop loss is below the current bottom. And need to constantly observe the reaction of the price when it rises to the nearest resistance area (as shown).

Moving in the same direction with Gbp/Usd will have xxx/Usd and Xau/Usd currency pairs mostly also giving bullish signal (correction). As for the USD/xxx currency pairs, the opposite is true (decreased).

This is a signal worth considering.

Good luck.

Best regards,

CaPhiLe.Com

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