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

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

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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.


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

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