GBPUSD Price Action – Looking to Attack Higher | Feb 24
GBPUSD – Looking Like A Breakout / Attack Higher (4hr chart)
Continuing to push higher from our members buy setup at support near 1.5330/40, the Cable continues to climb and is forming a pre-breakout formation. The tricky part is the key resistance above near 1.5515 and 1.5598, so really a resistance zone.
I’m sensing a potential breakout only for profit taking to occur, perhaps some solid offers parked in that support zone waiting to push the pair lower. For now, watch this resistance zone. If there is some absorbing price action from the offers, then look to be sellers up towards the ceiling of this key resistance zone.
Any close above this on a daily basis means a MT trend reversal. Impulsive selling from here will need to take out 1.5425 to take out some stops on the buy side.
Also in our members commentary today, we cover the USDJPY, USDCAD, NZDUSD, AUDUSD & NIKKEI. Click here to become a member.
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