GBPUSD price action is now very sideways and a clear channel has formed which is around 150pips in range.
Looking at price today, I can see it is now back at the 1.26500 resistance. There are 2 potential trades here, if price rejects this zone and forms another high then shorting should work well.
Alternatively, if this 1.26500 resistance is broken then a retest and long trade could prove profitable. I personally will look for a 4hr candle break or rejection before entering a position in either direction.
Looking at price today, I can see it is now back at the 1.26500 resistance. There are 2 potential trades here, if price rejects this zone and forms another high then shorting should work well.
Alternatively, if this 1.26500 resistance is broken then a retest and long trade could prove profitable. I personally will look for a 4hr candle break or rejection before entering a position in either direction.
Comment:
Perfect break and retest set up on this one. Provided over 500 pips on the long trade positions from 1.26500 up to 1.31500
