Weekly Price Action Setups & Key Levels | Aug 3-8

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GBPUSD – Approaching Key Support Levels
Selling off for 12 of the last 13 days, the Cable has now broken below the 1.6900 support level, and appears to be picking up momentum. In regards to this last point, notice how the candles are getting larger, having larger bodies with only small wicks to the downside.

For now, bulls will have to wait till 1.6700 before bringing in longs, while bears will target this level. Watch the 4hr chart to see if the structure of the trend turns from mildly balanced to heavily balanced. If it does, then we could see some stalling or a potential reversal. But if the structure remains the same, then look to get short on pullbacks …

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