GBPUSD 1H Upcoming Plays (Naked Forex)

FX:GBPUSD   British Pound/U.S. Dollar
Price is at an interesting point currently on the GBPUSD             1H Chart, sitting at a local             support level .
A break of the local             support level would warrant movement towards TP Zone 1.
A bounce off the support level would see price move to the Resistance Level . At the resistance level price may then breakout yet again and travel towards the Long TP Zone. However, we believe it is more likely to bounce back downwards, creating an M pattern and continuing along its downtrend.

There are many trading opportunities here.
Trade active: Price is trying to bounce off the Support Level currently.
Executing long trade towards initial TP, with SL just below the Support Level.
Trade closed: target reached: Our long trade reached the take profit hitting the resistance level as we planned.
Now assessing price action to see if we trade a breakout long, or an M pattern forms for a short play.
Trade active: GBPUSD has rejected the resistance level and is looking to break back through Support to head towards TP 1, following the M pattern.
Execute Short trade with SL just above resistance and TP at TP Zone 1.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out