Daily Price Action
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GBPUSD Reaches First Target at 1.2980

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If you saw the latest forex forecast video, you know that GBPUSD was battling a key trend line support.

Not only was it battling this level, but buyers were struggling to keep their heads above 1.3260 support.

As such, I was anticipating a pullback from GBPUSD.

Monday’s session closed below that trend line, which confirmed the breakdown and exposed a support level I mentioned on Monday.

That level is 1.2980.

As you can see from the chart below, GBPUSD reached that level on Tuesday.

Below 1.2980 we have 1.2800 or perhaps just above it.

However, if the March trend line has any significance, we could see GBPUSD bounce before it reaches the 1.2800 region.

That said, this is not something I would buy.

Even if GBPUSD bounces from trend line support, the velocity is this current move is too great for me to think about buying the pound.

If you got short on that breakdown I mentioned on Monday, well done.

If not, this might be one to watch for now until another favorable setup develops.

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GBPUSD key levels
GBPUSD daily time frame

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13 comments
Justin Bennett says

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Michael Logan says

Great job Justin..

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    Justin Bennett says

    Cheers, Michael.

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gordon christednsen says

I have subscribed to your mentor service on aug 30 and so far have not heard from you please let me know what the problem is if there is a problem.

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    Justin Bennett says

    Gordon, all invitation emails are sent within 24 hours of receiving payment. If you haven’t received the email, be sure to check your spam folder as well as all other email address you might have used to sign up.

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ali says

Thanks for the update sir justin.

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philip groves says

Justin
I subscribed to your web site on 31 July 2020 yet have had no follow up account set up details beyond you initial welcome e-mail and purchase receipt. I checked my spam folder and e-mailed you several times but got no reply. Please can you investigate this problem urgently and provide the service that I paid you for?
Philip Groves

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Paul Cole says

It has broken through my Support line but I think it will do a little Pull Back and then carry on in a down trend.

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Elliott says

Did you take the trade based off the daily close below the level or was there another price action signal that prompted you to take the trade, perhaps the inside bar that formed on the 4 hour chart?Thanks.

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Grace says

Justin your analysis is accurate most time.
A big thanks and well done job. I don’t regret following your in depth analysis

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Nicky B says

We have just hit upwards trend line dating back from march, however this looks like a rising wedge pattern. I will be going short once we see a daily close below upwards trend line support.

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SATHISH KUMAR KT says

GRATE JOB

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SATHISH KUMAR KT says

THANKS

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