GBP/USD is under pressure but bulls are moving in and there is a scalping opportunity to be had.
The price is in a phase of accumulation, moving out of the resistance trendline.
Should the bulls stay in charge, then the scenarios in this video could play out in either an imminent breakout of the structure higher or a protracted phase of price discovery allowing for a dip lower and some sideways price action within a broadening formation and range.
However, watch the daily chart and be mindful of a move lower to 1.1880. You want to see a bullish structure forming on the 15 min or 5 min charts to protect your stop loss and in the case of price running in profit but only to be knocked back, you want to think about your breakeven levels.
I will add to this as the price action develops and give some setups along the way that might be useful to you all.
The price is in a phase of accumulation, moving out of the resistance trendline.
Should the bulls stay in charge, then the scenarios in this video could play out in either an imminent breakout of the structure higher or a protracted phase of price discovery allowing for a dip lower and some sideways price action within a broadening formation and range.
However, watch the daily chart and be mindful of a move lower to 1.1880. You want to see a bullish structure forming on the 15 min or 5 min charts to protect your stop loss and in the case of price running in profit but only to be knocked back, you want to think about your breakeven levels.
I will add to this as the price action develops and give some setups along the way that might be useful to you all.
Note
Note
Order cancelled
geo politics emerged in the open, boosting the greenback, ''Chinese President Xi and Russian President Putin to attend G20 in Indonesia'' Bloomberg.
support turned resistance, no correction in sight.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.