Chris Capre’s current open trades: EURGBP, EURSGD, BIR
NOTE: Watch my newest video sharing a false break setup for +350 pips of profit (+5R)
GBPUSD – Pressure Building, Potential PBO (Daily Chart)
The GBPUSD has been having a solid year, climbing heavily in Jan to hit a multi-month high near 1.43. Since then, the Cable has produced four rejections off the key resistance level near the 1.43 handle with each rejection lower getting weaker and weaker.
This type of pressure in the price action is suggesting a breakout to the upside as the more likely scenario in the near future.
Bulls should watch out for a PBO setup, or wait for a greater pullback towards 1.3750 which is the yearly …... Keep reading