Chart of the Week June 28th

Verified Profitable Trader

After breaking through the 4 week support at .8424, the pair busted through lower with quite a move down to 8250.  After this, the pair bounced in a 2week corrective fashion only to have a strong sell off last week closing just off the lows at .8212.

Since then, the pair has opened up this week selling off the entire time suggesting the continuation is underway.  The next level of support does not come in till .8075.  However, we feel the pair is likely headed for further losses with a divergent outlook on the GBP vs the USD and the EURO vs the USD.  Thus, we anticipate continued selling and a daily close below .8000 suggests .7800 comes into play.

Rallies back to .8212 should be used as selling opportunities for a move lower.

If you would like to find simple high-probability trades using pivots and price action only, you can check out the Advanced Price Action or the ProForex Course which will teach you rule-based proprietary systems to trade these profitable setups.

If you have any questions about our courses, feel free to email me via the Contact Page

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article