Welcome to our GBPUSD AI Prediction. We at Bro In Finance are here to guide our followers to success with top to bottom analysing using Machine Learning technology. Bear in mind that these predictions are generated and given to you for absolutely free at no extra cost. We are here to build a community of trusted traders, an Army of TRADER BROS you may call 😉
So first things first, lets analyse the GBPUSD chart so far,
The week started with a dip breaking the support level of the previous week. However, the price respected the S1 pivot point at 1.29437 making it a Liquidity Grab. Then the price shifted upwards and it continued its momentum until it reached teh 1st Resistance. Then the price retested the support level we have marked once again.
AI Prediction
The value generated for us by Bro In Finance’s model today is 1.29537. Our model analyse historical data, historical trends, market data and price movements to provide a better prediction with higher accuracy.
The model suggests a Sell trade. However, despite having a considerable gap between the current price and the mean value, we cant enter the trade at this moment. Because the price has to reach either the 1st or the 2nd Buy Point based on the GBPUSD Chart Analysis above. So the best move is to setup a pending trade with all the proper calculations.
Trade Setup
- Type – Sell
- Entry – 1.29974
- Take Profit – 1.29748
- Stop Loss – 1.30175
This Sell trading setup aims to get in the trade at 1.29974 and exit at 1.29748 as TP with 22.6 pips and 1.30175 as SL with 20.1 pips, while having a 1:1.32 risk to ratio. Yes, we did enter from the 1st entry point even though we could have entered from the 2nd. The main reason we entered from the 1st entry point is due to the fact that the price has respected the R1 multiple times making it a good Supply Zone. And the other reason is that the mean value has a huge gap giving us a much larger room to setup.
Important
- This trading setup is only valid for 29th of October 2024. And it is advised to close the trade by the end of the day is either the Take Profit or the Stop Loss is not hit.
- Its always better to have the 15 mins chart and the 1 hr charts opened to get insights due to its clarity on how the price actually move. While the 15 mins chart shows you the changes in a shorter period, the 1 hr chart captures the overal movement. We do not recommend trading on anything less than 15 mins chart because it can sway you in your judgements with sudden price movements. And same thing goes to anything larger than 1 hr chart because we are aiming to hit day trades.
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Disclaimer: Forex trading carries significant risk and may not be suitable for all investors. This analysis, based on Bro In Finance’s proprietary data, is provided for informational purposes and should not be considered investment advice.
