ElemontFX
Short

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.
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