Weekly Price Action Setups & Key Levels | Oct 19-24

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EURGBP – Potential False Break Setup
After breaking above a key role reversal level last week, and the profitable live trade recommendation we suggested buying off of 7908 worked out, the pair found some heavy selling just shy of the key resistance around 8050. This led to two days of consecutive selling, almost erasing last weeks gains.

The pair is however approaching the base of the last consolidation which led to a break lower. These consolidation bases can provide a good false break setup opportunity.

I’ll look for a potential long around 7884 with a tight stop below. The upside target would be 8000 and 8045. If 7884 collapses, then the bear trend is resuming and a move back down …

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