GBP/USD bulls pushing at massive key level
Key Resistance: 1.3620 - 1.3660 - 1.3700.
Key Support: 1.3580.
Yesterday on my live show I talked about the massive key level the Pound is trading on against the US Dollar. Let's talk first about the short to mid term structure in this market.
From mid September highs the GBP has depreciated 3.6% against the USD (high to low move) trading inside of a very structured move with impulses being bearish.
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At the end of last month price seemed to have bottomed (at least short term on a pullback), after testing and bouncing from the 1.34 level. In the last 5 days we have seen a 230 pip (1.71%) move to the previous broken lows (August 2021 lows) and a test of the overall bearish structure.
The 2 scenarios here are very clear. A break of yesterday's highs would trigger a rally to retest the 1.37 level and a rejection of this massive level and a break of yesterday's lows would trigger a bearish continuation.
My trade on the GBPUSD has been sent to the VIP group and the order is still valid. The link is below.
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Author
Orlando Gutierrez
Learn 2 Trade
Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.
