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.
GBPUSD bulls have been on a tear so far this week.
They even took out a key horizontal level near 1.3000 during yesterday’s session. You can see how this area supported the pair in March and April.
However, buyers are approaching a level that has gone undetected by most.
There is an ascending channel that connects with the March 14th and April 5th lows as well as the January 25th and February 27th highs.
You can see how GBPUSD is trading just below this former channel support.
At the moment, that area comes in near 1.3100.
But given the bullish momentum so far this week, it will be essential to see GBPUSD stall here before considering a short.
In fact, I’m going to require bearish price action around the 1.3100 region before I even think about selling the pair.
Key support comes in at 1.2885 followed by 1.2800.
You can see where the former was a gap from mid-February.
Last but not least, I have to stress the importance of staying patient, especially considering the indecisive movement so far in 2019.
The year-to-date price action has been challenging to read, and the GBPUSD is no exception.
In times like this, it’s often best to scale back position sizes and administer an extra dose of patience.
In other words, use smaller positions and trade less until conditions improve.
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