Weekly Price Action Setups & Key Levels – Jan 18-23
GBPUSD – Bearish, Looking to Sell At Resistance (4hr chart)
As we mentioned in the Jan 14th members commentary, we were looking to sell around 1.5275 and the key role reversal level. As you can see, this is exactly what happened with price hitting this level and then selling lower.
Congrats to the members who traded this as you’d be in a nice profit now.
Although there are some lower wicks and pin bar rejections, but the corrective price action structure is on the lows, hence bears are in control.
The short term resistance + role reversal level comes in at 1.5269 which is the first area to sell. The second level to sell at is the medium term resistance around 1.155.
EURGBP – Bearish Below Key Support (4hr chart)
I’m suspecting a basket of currencies are going to appreciate vs. the Euro in light of the SNB intervention. One cross pair I’m looking to buy vs. the Euro is the GBP.
Looking at the EURGBP chart below, we can see the pair has broken below two multi-year support levels in 7748 and 7680. I’ll be looking to sell into resistance while we are below those levels on a daily closing basis.
The next major support level comes in around 7387, so that will be my downside target.
Also in our trade setups commentary today, we cover the GBPUSD, USDCAD, USDCHF & other CHF Pairs. Click Here to become a member.
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