Weekly Price Action Setups & Key Levels | Aug 21-26

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My current active open trades: EURGBP, XAGUSD & AUDUSD (option)

GBPUSD – Plays Out As Expected, Looking to Sell (daily chart)
As we talked about in our weekly market commentary, we expected the GBPUSD to bounce off the key support and yearly lows, suggesting bulls look to get long.

As you can see from the chart below, this is exactly what happened with the market bouncing off the yearly lows around 1.2887 several hundred pips higher.

Some of our price action members took this trade and profited heavily from it so congrats to them.

For now the corrective structure is in play and we’re looking for the structural resistance around 1.3370/1.3400 to hold as bulls take some profits here + run into solid offers.

Hence I’m looking to get short higher up targeting the bottom of the range.

Only a daily close above 1.3500 would negate my bearish bias MT.

gbpusd structural resistance

XAGUSD – Potential Structural Break ST, MT Bullish (daily chart)
After a few bounces off the corrective structural support ~19.28, silver is showing some intra-day price action that it’s leaning towards breaking lower.

The most recent bounce in early August has led to a meagre bounce followed by a second attack here.

While we may ST see a break lower, MT I’m suspecting the bulls will recover with the next key support level coming in around 18.45 which is an RRL.

MT & LT I’m bullish while we are above 17 on a daily closing basis. Bulls will need to clear 21 to bring in fresh technical buying.

silver price action 2ndskiesforex

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