Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
Did GBPUSD just break channel resistance from the May high?
It looks like it to me. It’s a level I’ve discussed several times in recent weeks including last Sunday’s forecast.
Here’s what I wrote:
I’m still opposed to selling GBPUSD given how much ground the pair has lost in recent months.
But it’s going to take a daily close (using a New York close chart) above channel resistance to turn the pair higher.
I also want to see that recent low just above 1.2000 hold as support.
The pair dipped below 1.2000 on Tuesday but closed back above the level into the 5 pm EST close.
With Wednesday’s close above channel resistance, I would expect to see buyers defend the 1.2200/20 area as new support.
If that happens, there isn’t much to prevent a retest of 1.2380.
And that could just be the start of a larger relief rally.
Remember, GBPUSD has lost significant ground since last April; over 2,000 pips to be exact.
That figure balloons to nearly 5,000 pips when we take into account the July 2014 swing high.
All in all, GBPUSD looks like it wants to head higher.
But it’s going to come down to whether or not buyers can keep the price above former channel resistance (new support) on a daily closing basis.
Do that, and 1.2570 is a very real possibility.
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Hey Justin I have been trading Forex for close to 15 years and yet to make a penny. Tried thousands of strategies. Many look promising only to turn out to be losers. Last one I backtested was the london open bracket trade which was break even at best. If you really can make money in the market I would love to see your startegy and obviously write a glowing review if it actually worked.
Hi Gary, have a look around the site. I’ve written several posts about how I trade price action.
Hëloo Justin permit me to say that most times I feel you are the market marker your analysis most times works. 😂 I really want you to be my mentor. Looking forward thanks
Ha, if only that were true.
Looking forward to having you as a member. Cheers.
I’m satisfied with your analysis
Glad to hear it.
Your analysis is 98% accurate, it helps me to make more money than before.
That’s great to hear! Thanks for sharing.
Thanks a lot justin, your strategy help my trading better, and teach us how to read the chart correctly
You’re very welcome.
Your Strategic Chart Analysis stands out. Although, I’m yet to make money from your analysis, I have been following it keenly for the past 4/5 weeks to ascertain its reliability and I would say now that I have not been disappointing. I should
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Thank you. I’m glad to hear you’re enjoying the content and finding it helpful.
Let me know if you have any questions.
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###dear pips cometo dad,….hahahahaha