GBPUSD – Potential Counter-Trend Breakout @ Key ST Resistance Level (1hr chart)
One of the more relentless downtrends lately has been the GBPUSD dropping almost 1000 pips in the last 30 days. However last week the Cable bounced and cleared above the 20 ema and dynamic resistance on the 4hr chart for the first time in almost a month.
Since then the pair has been attempting to build a series of higher lows and higher highs.
Today the pair cleared a key ST resistance around 1.4360 for the first time and is currently printing just around this level, thus forming a counter-trend breakout.
Counter-trend breakouts tend not to last as long as with-trend, so am not sure how long it …... Keep reading