Daily Price Action

GBPUSD Bounces From Key Support


On Sunday I wrote about how the 1.2850 level on GBPUSD could attract buyers.

Notice how this area served as support during the second half of January. The 1.2850 area also caused last Thursday’s bounce.

Yesterday’s session tested the level once more, but so far GBPUSD bulls are holding firm.

However, remember that key resistance isn’t far above the current price.

GBPUSD failed to hold above channel resistance following the bullish breakout on the 25th of January.

That means the 1.3000 area is once again resistance.

I want to reiterate too that the market as a whole has been incredibly choppy and indecisive so far in 2019.

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As such, you’ll want to be extra cautious about the trades you take. If you have to think twice about risking capital, you may want to stay on the sideline.

In the case of GBPUSD, it may be best to wait to see what happens near the 1.3000 handle. Attempting to go long while below it is too risky for me.

On the flip side, a daily close below 1.2850 would expose the next key support at 1.2700.

Keep in mind that as long as 1.2850 support is intact, the GBPUSD has the potential to bounce back to 1.3000.

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GBPUSD key support and resistance areas

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • Praise says:

    Well noted sir. Thanks very much.

  • Oluwatoyin says:

    You’re a life saver, following your texts really helps me. Thanks.

  • Sumantra kumar halder says:

    Yes excellent. Well said .Thank you very much

  • James Gershoh says:

    Thanks very much sir

  • Daniel Sumomba says:

    I tend to think that downside will continue to 1.2700, due to momentum stll go down. Fibo 61.8 re-tracement will be good target

  • Austen says:

    Great job

  • Esi says:

    thank you

  • Lebogang says:

    Thanx God I meet you and your blog…you soo made me a better thinker approaching and seeing the chart…

  • Ali says:

    Justin I pray u live long and always happy I like u a lot

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