Will The GBPUSD Break Through Resistance?
We last posted on the GBPUSD on April 13th when price was approaching a key pivot resistance from January of this year.
Looking at the daily chart, price is now at that resistance level and we can see the expected struggle between the bulls and the bears. It is at these levels where many will try and pick the top a trend and hope for a reversal.
As price is in consolidation, picking a top may work and we could see price move back towards the low of March at 1.3712. However, picking tops and going against the trend is an approach that is short lived. If you were dropped in the middle of the ocean, would you swim with the tide or against it?
Trading is no different. Look for the most efficient and beneficial approach that will deliver on consistent profit and that is in the direction of the trend.
We now want to see the bulls come good on the GBPUSD -0.35% and see price break and close above resistance. Once resistance has been confirmed as support, we will then look to compound to the long trade we have still in play from the breakout in January.
Patience needed for now as we let price dictate what course of action to take.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
Looking at the daily chart, price is now at that resistance level and we can see the expected struggle between the bulls and the bears. It is at these levels where many will try and pick the top a trend and hope for a reversal.
As price is in consolidation, picking a top may work and we could see price move back towards the low of March at 1.3712. However, picking tops and going against the trend is an approach that is short lived. If you were dropped in the middle of the ocean, would you swim with the tide or against it?
Trading is no different. Look for the most efficient and beneficial approach that will deliver on consistent profit and that is in the direction of the trend.
We now want to see the bulls come good on the GBPUSD -0.35% and see price break and close above resistance. Once resistance has been confirmed as support, we will then look to compound to the long trade we have still in play from the breakout in January.
Patience needed for now as we let price dictate what course of action to take.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading