GBPUSD – A Start of a Downfall?

29 Apr - GBPUSD 4H Forex Chart

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Hi All,

A quick update on GBPUSD. As I mentioned over the weekend (see article), the Cable has been quite annoying due to it’s recent aimless nature. As it is, price is testing a major resistance level and has been consolidating for awhile now. In fact, I managed to draw a clear range market (red box).

Yesterday, price tested the top of the range (red box) but failed to hold above it, giving us a false break – a short signal. If price was cycling healthily, this would have been a clear short signal for me. However, a few things that shows lack of clarity which includes (1) Price gave us a strong low test pin bar on 17th April (see article), (2) market has been pretty choppy recently and there is no clear leader and, (3) topping it up by the fact that Non-Farm is just around the corner.

With all these reasons, I’ll take a more pre-cautious stand on this and wait for a clearer leader to emerge from this tug-of-war. Is this the start of a Downfall? Or will price continue higher? Either way, I’m keeping a close watch.

Cover TYE PageOn a personal note, apologies if you didn’t manage to get my book over the weekend. There were technical /IT issues and I failed to change the countdown No 1 to links of my book. if you are still interested, make sure to grab a copy of The Secrets of Trading The First Pullback with the promotional offer.

Thank you and happy trading!!

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