Weekly Price Action Setups & Key Levels | Apr 30 – May 5

My Current Active Open Trades: USDCAD, AUDUSD, USDNOK, EURPLN, XAUTHB, AX_UN,

GBPUSD – Breakout of Corrective Structure, Still Bullish (4hr chart)
After being in a tight corrective structure at the top of the prior impulsive move for 8 days, the Pound has broken higher (drifted somewhat) clearing the top of the structure to reach 1.2950 last week.

For now the price action context is bullish while above 1.2750 on a daily closing basis. Upside beyond 1.30, there is scope for a move towards 1.3375 and 1.35 (Jun-Aug highs last year).

Meanwhile there is support between 1.2750 – 1.2590 for MT bulls on pullbacks.gbpusd price action context 2ndskiesforex

 

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