Price overall on the is trading within a large range. We have added a image at the bottom of this description.
Inside this larger range, price is respecting levels of and therefore has been trading within smaller ranges.
Price had tested the .9000 many times recently, and last week had successfully broken above due to negative GBP data.
On the 4H and below, price has lost momentum and is looking like it will fall back to the resistance turned support for either a retest and continuation or a break back inside the range.
An uptrend could also be forming and the retest zone is in line with the uptrend line, a rejection of both the uptrend line and the S/R zone would add more confluence to a trade.
We want to see price fall back the the .9000 and rejected this area with a strong or on the 1H or 4H charts to confirm continued upside momentum.
Our 3+ reasons to take this trade
-Break and retest of strong whole number
-Strong rejection candles ( / ) at
-Rejection of uptrend line
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