GBPUSD – Corrective Pullback Holding For Now | Feb 26th
GBPUSD – Still Holding, Below 1.6584 Likely = More Downside
The key support area for the cable is still holding after the corrective pullback, but the defenses are definitely being tested. The pair sold off right into the 6620-30 support area, and some bids stepped in and pushed the pair back up to the 20ema. If it can clear the 20ema and the 6720-30 swing highs from yesterday, then it should attack the 6820 yearly high. Bears can look for signals at the resistance zone if the PA looks really weak heading into it. A close below 1.6584 suggests further unwinding.
Watch the latest trading video on Accelerating Your Learning Curve with Forex Tester 2
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book