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GBPUSD Price Action – Key Range Resistance Broken | Feb 5
GBPUSD – Key Range Resistance Broken (4hr chart)
Another kink in the USD bullish case, the GBPUSD today has impulsively broken above the key range resistance at 1.5266 which has held almost all year. This is one of the first pairs to take out a major structural resistance level.
For now, ST the pair is bullish while above 1.5250/60 and will attempt to attack 1.55 and 1.5545 where some likely MT bears have ordered parked. Only a daily close back below 1.5250 re-ignites the ST bearish bias.
Also in our members trade setups commentary today, we cover the EURUSD, USDCAD, USDJPY, CAC 40 & WTI. Click here to become a member.
Want to learn how to trade support and resistance? Read our article The Best Support & Resistance Levels Part 1
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