Daily Price Action

GBPUSD Bulls Test Key Resistance at 1.4240


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.

Want to Watch the GBPUSD Video I Just Released to Members?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in May!

GBPUSD daily time frame

Leave a Comment:

Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 4,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in May!

ali says

thanks sir Justin for the update.

Add Your Reply