FX:GBPUSD British Pound/U.S. Dollar
Looking at the Cable on the H4 time frame we see price trending to the upside. The daily time frame Friday candle close was a Kumo breakout with a strong candle breaking above the Kumo. The daily breakout was invalid as our Kumo future was still dark which represents a bias still in affect. The daily breakout aligns both the daily and the H4 market bias therefore we are going to look for long opportunities but since the daily breakout was invalid I am expecting a pullback before price continues the run higher. Currently we are at the 100% fib extension level and if the market pulls back here then look for a retrace into the fractal zone between 1.50767 and 1.50502 before the pair pushes further to the daily fib extension level of 1.53438 shown on the chart. Fractal zones are great levels that the market honors over and over while trending giving traders low risk trade entry points. Fractals also help determine the market structure. Visit me at fxatoneglance.com Thanks for reading and God bless!