Most of the Forex market remains at a standstill.
There’s no shortage of volatility, but if you’re a directional trader, you’re likely finding it incredibly difficult to identify those “A+” setups.
However, one pair that still has some direction is GBPUSD.
I discussed the pound as it was testing the 1.4000 resistance level.
The May 10th close above 1.4000 opened the door to the year-to-date high at 1.4240.
That’s the resistance level we’re seeing come under pressure this week.
A daily close above 1.4240 could extend the rally toward the 2018 highs near 1.4380.
Alternatively, a rejection from the 1.4240 resistance area could send the GBPUSD back to 1.4000 support.
I like the idea of buying dips as long as the GBPUSD remains above the May 2020 trend line near 1.4000.
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