GBPUSD Price Action – Looking To Attack Higher

Published 02/25/2015, 02:27 AM
Updated 05/14/2017, 06:45 AM

GBPUSD – Looking Like A Breakout / Attack Higher (4hr chart)
Continuing to push higher from our members buy setup at support near 1.5330/40, the Cable continues to climb and is forming a pre-breakout formation. The tricky part is the key resistance above near 1.5515 and 1.5598, so really a resistance zone.

I’m sensing a potential breakout only for profit taking to occur, perhaps some solid offers parked in that support zone waiting to push the pair lower. For now, watch this resistance zone. If there is some absorbing price action from the offers, then look to be sellers up towards the ceiling of this key resistance zone.

Any close above this on a daily basis means a MT trend reversal. Impulsive selling from here will need to take out 1.5425 to take out some stops on the buy side.

gbpusd

Also in our members commentary today, we cover the USDJPY, USDCAD, NZDUSD, AUDUSD & NIKKEI. Click here to become a member.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.