Looking at the GBPUSD monthly rejection point also known as support and resistance lines or memory. GBPUSD was currently on a weekly low and moved very rapidly to the south with a strong rejection at 1.32551. This could signify a change in trend or a continuation of previous support or resistance pattern, I'm risking 20 pips on this trade with a 2/1 R/R. 2% Per...
Part 1 Daily Picture
To safely trade this pair we need to wait to see if the market either breaks down 107.290, retest as Resistance and continue down with a target of 106 Levels.
Or break up 108.084 retest as support and continue up back to 108 Levels.
I think this will potentially break down as this is the overall trend so selling is the safer option.
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