GBPUSD is still above the daily trendline and after a sharp move down from 1.5900 to 1.5350, now it’s in an important zone which I want to call it “Range Zone”. 1.5350 and 1.5500 are great S/R levels which can hold the price for sometimes and make it up and down between those levels.

I like this range zone and I highly recommend everyone to watch it carefully for short swing trades and going short at 1.5500 and going long at 1.5300, but breakout would be the greatest trade as I can expect any breakouts to the upside or downside will make around 500 pips.
Once again I want to note that legitimate breakouts need high volume and do not trust low volume breakouts which occur late on US trading session or in Asian session.


Read the original post here

Views: 19


You need to be a member of My Forex Space - Online Forex Trading Community to add comments!

Join My Forex Space - Online Forex Trading Community

Featured Brokers

© 2019   Created by Sam Wexler.   Powered by

Badges  |  Report an Issue  |  Terms of Service