GBP/USD Continuation of Fantastic Trade on Cable

In this idea I will explain how you can enter GBP/USD (Cable) with a great risk-reward trade based on the technicals of horizontal support and resistance.

Whoa. We had such an amazing trade here on GBP/USD last time using these zones, let's try to do that again. First let's quickly recap our previous succesful idea:

We found confirmation on the resistance, and had a beautiful short trade. Currently, we are seeing the price lowering towards the support area. You could wait for some sign of support, or enter the trade now. Since the support area is relatively small, you can enter this trade with a great risk-reward.

The second important thing to note is the interesting periodicity. Every 8 days, large moves seem to happen. Basically all important pivot points are around the 8 days period and the price is approaching another 8 day mark soon.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

Comment:

If we go to the lower timeframes, we see the first confirmation of the support zone. If you weren't in this trade already, this is a great moment to enter!