GBPUSD – Price Action Squeeze = Breakout of Yearly Highs | Apr 30th
GBPUSD – Breaking Out From Yearly Highs
As discussed in our members commentary yesterday, the cable was forming a price action squeeze and pre-breakout structure continually printing higher lows and higher highs. Today the pair closed above the yearly highs at 1.6850, printing a high at 1.6900.
There could be a pullback to shakeout some current longs, but unless we get a heavy sell-off, I’m suspecting higher prices and an eventual touch on the ‘big figure’ at 1.7000. Bulls not currently long can look for corrective pullbacks towards 1.6820/6800 and price action signals there to get long.
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