GBPUSD - Price recovered from a false break below wedge support this week. Price was also supported by swing lows from 2016 and a rising trend-line originating all the way back from 1986 (Blue dashed line).
After breaking below, price tested the under side of both the wedge and the trend-line before recovering and closing the week above support. The false break commonly precedes a change in trend direction, especially at a critical support level.
I will link to a related idea I posted last week showing British Pound Futures at a key support level with likelihood of buyers to step in.
I will also post 1 hour chart in the comments showing price react to these key trend-lines / levels.
Price may consolidate between 1.21 and 1.22 for a bit before breaking out. Long entry upon re-testing support.
After breaking below, price tested the under side of both the wedge and the trend-line before recovering and closing the week above support. The false break commonly precedes a change in trend direction, especially at a critical support level.
I will link to a related idea I posted last week showing British Pound Futures at a key support level with likelihood of buyers to step in.
I will also post 1 hour chart in the comments showing price react to these key trend-lines / levels.
Price may consolidate between 1.21 and 1.22 for a bit before breaking out. Long entry upon re-testing support.
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1 Hour Chart showing support / resistance.
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35 Year Monthly Chart showing massive head and shoulders which broke the neckline after Brexit vote. Price failed on re-test, 2018.
