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GBP/USD Technical Analysis
I'm a bit late with today's blog and daily email, but I've been letting this one play out and hopefully it was worth it.
Remember, GBP/USD has been trending lower for months now, with no end in sight. In last weekend's market preview, we highlighted that price was below higher time frame resistance, but maybe a little too far lower to use it as a level to manage risk around.
Take a look at the daily and you'll see how price is in the no-man's-land that I'm talking about.
But zoom into a 4 hourly chart and you can see why I might be a little more interested in potentially shorting at these levels.
The zone I've drawn is actually from the hourly, but the 4 hour chart shows the tops of the candles I'm using as resistance, perfectly.
So we have price below higher time frame support/resistance, then retesting an intraday area of short term support turned resistance.
Price has poked though it, hopefully cleared out a few stops above, and has now reactivated it as resistance. That is the sort of price action that often precedes a nice run lower.
It's now time to zoom in again and trade the shit out of this one inside my Inner Circle.
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