Weekly Price Action Setups & Trade Ideas | Apr 15 – Apr 20
Chris Capre’s current open trades: EURGBP, EURSGD, BIR
NOTE: Watch my newest video sharing a false break setup for +350 pips of profit (+5R)
GBPUSD – Pressure Building, Potential PBO (Daily Chart)
The GBPUSD has been having a solid year, climbing heavily in Jan to hit a multi-month high near 1.43. Since then, the Cable has produced four rejections off the key resistance level near the 1.43 handle with each rejection lower getting weaker and weaker.
This type of pressure in the price action is suggesting a breakout to the upside as the more likely scenario in the near future.
Bulls should watch out for a PBO setup, or wait for a greater pullback towards 1.3750 which is the yearly low.
Stay tuned to the members daily trade ideas for updates on this pair.
USDSEK – ST Support Held, Testing LT Resistance (Daily chart)
The ST support we mentioned in our member daily trade ideas on April 10th held cleanly and was followed by a strong +2000 pip move.
Congratulations to the price action members who profited from this trade setup.
Now that we are at a major resistance zone, there is the potential for a ST sell off. Bears will likely be targeting 8.30 and 8.15 with the next major support level clocking in around 7.9.
Meanwhile for bulls, a strong daily close above 8.55 would put 8.60 and 8.75 on the radar.
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