FX:GBPUSD British Pound/U.S. Dollar
We saw Cable break structure to the upside at the beginning of last week. Price retraced around 1.57800 due to previous resistance and we are now back at the prior structure level. I believe resistance will turn into support here and the price will retrace back up to the 1.57800 level. Of course price could break through the support level and break out of the channel I have drawn, but this is why I will wait for the close of this candle and possibly the second candle for confirmation, as long as I can still get a decent risk/reward ratio.