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Underlying: GBPUSD
Time frame: 1D
Looking at GBPUSD you can see it was in a wide, inclining range (shown with the orange trend lines). Price broke out to the upside and is now retesting it. This falls in line with the saying past resistance becomes future support and vice versa.
If we come back into the old channel then price is likely to start trading within the pink zone which I have established as a zone to get long (take a buy position). Again I will not be buying until the price hits the pink trading zone. This also lines up with the 50 Moving Average (red line) which will provide another form of support to this pair.
Underlying: GBPUSD
Time frame: 1D
Looking at GBPUSD you can see it was in a wide, inclining range (shown with the orange trend lines). Price broke out to the upside and is now retesting it. This falls in line with the saying past resistance becomes future support and vice versa.
If we come back into the old channel then price is likely to start trading within the pink zone which I have established as a zone to get long (take a buy position). Again I will not be buying until the price hits the pink trading zone. This also lines up with the 50 Moving Average (red line) which will provide another form of support to this pair.