GBPUSD – Bearish, Looking to Sell At Resistance (4hr chart)
As we mentioned in the Jan 14th members commentary, we were looking to sell around 1.5275 and the key role reversal level. As you can see, this is exactly what happened with price hitting this level and then selling lower.
Congrats to the members who traded this as you’d be in a nice profit now.
Although there are some lower wicks and pin bar rejections, but the corrective price action structure is on the lows, hence bears are in control.
The short term resistance + role reversal level comes in at 1.5269 which is the first area to sell. The second level to sell at is the medium term resistance …... Keep reading