GBPUSD – False Break Setup At Key Support Zone | May 1

Verified Profitable Trader

Chris Capre’s live open price action and ichimoku trades: EURUSD, GBPUSD, EU50, SUI 20, INR.FR

New to Forex? Then check out my FREE Learn Forex Trading Course with videos, quizzes and downloadable resources

Looking to learn more about day trading? Read my latest article Forex Day Trading Strategies, Rules & Tactics

GBPUSD – False Break @ MT Key Support (4h chart)

Price Action Context

As we anticipated and talked about in our market commentary on the 21st, bulls were not able to defend the MT key support zone and price cleared the support impulsively. But bears were not able to produce a continuation and bulls quickly regained control, catapulting price back above the support zone, leaving a false break setup.

gbpusd-false-break-setup-2ndskiesforex

Trending Analysis

With price now back above the key support, bulls can look for potential trading opportunities on weak pullbacks to the support, with 1.33 being the first solid key resistance to look out for.

Key Support & Resistance Zones

R: 1.3300 – 1.3380
S: 1.2940 – 1.3015

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article