Apex_Gregg

GBP USD hitting old resistance

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
As you can see from our arrows on the 4h chart that price has touched 1.28802 a number of 17 times just in this chart, this is classed as strong resistance and not to be ignored.

The current 4h candle that is forming is hovering around this resistance level at the moment and has already touched this level and retraced a little, this gives us an indication that it may be used as resistance yet again.

Now we have stated before that there is no need to wait for confirmation candles at such key levels as you may miss out on a good opportunity, so we are in this trade but with a tight SL.

We are looking at further downside movement to around the 1.26230 level and could even break and test 1.25362 support, but remember don't get too greedy when trading as the market will eat you alive!

And ALWAYS use correct RISK MANAGEMENT.

Comments

Thanks for the analysis
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Apex_Gregg Managed_CapitalUK
@Managed_CapitalUK, Your welcome :)
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