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GBP/USD Playing to Script

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forexbrokr.
@forexbrokr
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Direct from the desk of Dane Williams.



Hey team,

It's been a public holiday here in Aus today, so I'm only just sitting down at my desk for a quick look at forex markets during the end of the London session before I get some sleep.

With GBP/USD still flirting with daily resistance, I wanted to share a few of my thoughts.

Take a look at the Cable daily below.

GBP/USD Daily:

Price finds itself sitting in an interesting spot, certainly respecting this particular zone.

When I did my last daily look at the forex majors around two weeks ago, these were my thoughts on GBB/USD:

  • *Pushing up against a daily resistance zone. The zone just below is a little messy, so I won't be touching that one with a 10 foot pole if price does reject here and moves lower into it.

Ha!

With price action like what we see on the following hourly chart, you can certainly see why I was thinking that way.

Take a look at the Cable hourly chart below.

GBP/USD Hourly:

Honestly, the price action on the hourly has been frustrating as fuck and my thinking at the time seems spot on.

While price has been bouncing off resistance and technically held the zone, there has been absolutely zero follow through for shorts.

Any shorts with tight stops would have ended in a stop out and there's no way I want to be touching this latest push into daily resistance either.

After a long day, I'm happy to go to bed flat.

Best of probabilities to you,

Dane.



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