FX:GBPUSD   British Pound / U.S. Dollar
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Hi All, as we have seen GBPUSD             very strong incline in price in this pair. We seen this drop from a test of previous structure resistance not being able to break and close above this. As you know this is a major level when hit many sellers resting their orders at this level. We are now testing support resistance and we will see if it breaks and closes below which should show a sign of further decrease. The next 2 major levels for you guys to keep your eyes on will be level 1 level 2 and 3 - these are also crucial area's where many buyers and sellers in HTF             will be resting their orders to either push price up or down more. Keeping in mind which had a beter outcome based on previous resistance became support, then previous resistance became support and so on. There is a Cypher at Level 3 but orders if taken the 786 for entry keep in mind the level 3 Support which I would be more focused on. To minimize draw down if violated. Currently we are at a level and now is very important as we are testing Major Support and are in the previous resistance level Blue Arrows - which is now the Support Level . If you look into LTF 240 and 60M there are also Advanced             patterns within this Test of Support - passed the D Completion but could be a good sign and opportunity to take a long position. I think 1HR chart was about 2.80 RSI O/S last time I looked. We also had the Big Bearish Bat Pattern that didnt quite get filled due to the Previous Major Resistance Level - Those who noticed this Major resistance Level on the Daily may have rolled entries down to get filled. Notice the Major Resistance Line in Red Now we just wait and look for best opportunity to enter based on reading the price chart with as much Technical Analysis as we can find for entry reason. A lot of traders after they see this big move they look at where the best point of entry is for a long position - some catch the move on the way down if they missed the first entry - remember sit on hands and wait for all the stars to align the hit it - Happy Trading
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