GBPUSD Price Action – Possible Pre-Breakout Formation | Nov 18

GBPUSD – Looking Really Weak, Likely Breakdown (4hr Chart)
After forming a really weak price action corrective pullback over the last two days, the Cable has pinged off the 4hr 20 EMA and dynamic resistance before losing all the gains over the last 1.5 days. The pair looks like it really wants to break the yearly lows, and head lower as bulls have mounted virtually no push-back.

I’ll consider a breakout pullback once the yearly lows are cleared, but am open to selling on a pre-breakout squeeze if we can get that formation after more candles.

Only a daily close above 1.5750 relieves the downside pressure. Targets for bears are 1.55 and 1.51.

gbp

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  • Jazzy

    Hi Chris,
    I guess pre-breakout squeeze does not apply anymore…since we had higher high and strong buy pressure from the support level, but breakout pullback is still possible..—on either side?
    Do you think that range market is establishing since we have two touches on the top and two touches on the bottom? Candles are telling me, that buyers and sellers are in balance and range is here…? What do you think?

    I am just starting to “hear” what you are saying about order flow behind candles, so I still struggle with it, but I know if I stick with it…I just might succeed…;)

    Thank you Chris…