Weekly Price Action Setups & Key Levels | July 16-21

Impulsive Corrective Sequence In Play SWE30 2ndSkiesForex

​My Current Active Open Positions: AUDUSD, AUDNZD, NZDUSD, EURUSD, EURNOK, EURGBP, USDJPY, EURPLN, AX_UN, CUF_UN, CSE, SBER

EUR/GBP – False Break at Key Resistance (Daily chart)
On our radar heavily the last few weeks, we’ve discussed the key resistance at 0.8850 multiple times in previous member commentaries. This key resistance was broken to the upside on Tuesday after a pre-breakout structure had formed close to the level during the month of June.

Tuesdays strong bullish move was met by an equally strong counter-trend move, taking out 95% of the gains the day before, followed by two heavy days of selling. IMO this makes it a false break above 0.8850.

This means the key S/R level is still in play, opening …

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