Samfx07

GBPUSD - Cable showing Weakness

Short
FX:GBPUSD   British Pound / U.S. Dollar
Morning Traders!

I hope you all are enjoying your trading journey.
Cable is showing some serious signs of weakness which we shouldn't ignore.
I would say wait for the price to break below the support if you want to take a high probable short trade.
What If price breaks above the supply zone ??
You will be thinking we should buy then but i would say no, we should avoid trading this pair until it comes back and breaks the support.
The reason behind this is that, if you look at previous week's candle and price rejection on weekly chart at 200MA we are at strong resistance level which price wasn't able to break and I will never trade on resistance until it becomes support.
Also.. don't forget about the upcoming event of Jackson Hole Symposium on Friday where BOE Gov Andrew Bailey will speak about the UK's economic policy.

Stay tuned ...

Comments

Totally agree
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Samfx07 Ghada_Rhuma
@Ghada_Rhuma, Thank you.
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