GBP/USD buy the dip, scalp, but watch daily extension

GBP/USD is under pressure but bulls are moving in and there is a scalping opportunity to be had.

The price is in a phase of accumulation, moving out of the resistance trendline.

Should the bulls stay in charge, then the scenarios in this video could play out in either an imminent breakout of the structure higher or a protracted phase of price discovery allowing for a dip lower and some sideways price action within a broadening formation and range.

However, watch the daily chart and be mindful of a move lower to 1.1880. You want to see a bullish structure forming on the 15 min or 5 min charts to protect your stop loss and in the case of price running in profit but only to be knocked back, you want to think about your breakeven levels.

I will add to this as the price action develops and give some setups along the way that might be useful to you all.

Comment:

USD bulls are in play, so trade idea is on hold and potentially invalid for the day ahead

Comment:

As I said, we need to see a bullish structure and waiting for the Tokyo equity's opening hours is going to give us clues...while the price may have dropped, the broadening formation's lower boundary is supporting, so far, so this could well just be the spring and a clear out as the foundation of a bullish correction for the day ahead...again, wait and see and let the market tell you...

Order cancelled:

geo politics emerged in the open, boosting the greenback, ''Chinese President Xi and Russian President Putin to attend G20 in Indonesia'' Bloomberg.

support turned resistance, no correction in sight.