Daily chart
4-Hour chart
Current Trend: Stuck in box / range.
Support Levels: 1.2762.
Resistance Levels: 1.3000.
GBP/USD trade ideas:
We have discussed this market at length in recent times.
In particular we have focused on the major round number 'psych' level of 1.3000 that has continued to hold as a major resistance level in this market.
After selling off lower last time from this level, price was not able to make it all the way back to the range low and has now created a new intraday higher low.
As the attached four-hour chart shows, this could now indicate the bears are running out of steam and a breakout higher could be on the cards in the next few sessions.
This is definitely a market to watch for potential breakout trades.
تم التحرير 08 Oct 2020, 12:56
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