GBPUSD Double Top| Local S/R| Daily S/R| Price Action

Evening Traders,

Today’s analysis – GBPUSD – trading at a key trade location where a deviation towards the downside is probable,

Points to consider,
- Price Action Impulsive
- Double Top Resistance
- Local S/R Objective
- Volume Influx

GBPUSD’s immediate price action is impulsive, trading at a key trade location where a rejection is probable.

A swing failure of the highs will increase the probability of a continuation to the downside.

The immediate objective is the Local S/R, exceeding this level will increase the probability of further downside to the Daily S/R.

There is a strong volume influx however with low volume follow through, this is suggestive of weakness.

Overall, in my opinion, FBPUSD is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

“If you can learn to create a state of mind that is not affected by the market’s behavior, the struggle will cease to exist.” – Mark Douglas