GBPUSD – Close Below Key Corrective Structure | Oct 5
My current active open trades: Silver, EURUSD, AUDUSD (option) & $Sber
GBPUSD – Close Below Key Corrective Structure (daily chart)
For the last 3 months, since the Brexit decision, the pound has been stuck in a large corrective structure between 1.35 and 1.28. However that changed earlier this week when we had our first daily close below the key price action structure, almost taking out the 1.27 handle.
For now, our bias remains bearish while below 1.30 on a daily closing basis. Bears can watch for opportunities near the structural support (now resistance). Downside there is scope for a potential move towards the big figure at 1.25.
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