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GBP/USD Intraday Zone to Keep Watching

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@forexbrokr
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Direct from the desk of Dane Williams.


With our most recent GBP/USD daily zone being retested as resistance, there's been some intraday price action that's worth going over.

The higher time frame chart below is quoted from the last GBP/USD blog that I've linked to above. I just thought it would be better to use that, to keep the narrative of the pair running smoothly.

GBP/USD Daily:

I mostly just wanted to share this chart because of the way price retested the zone as resistance after failing to break out higher.

With price underneath higher time frame resistance and reactivating it as we said there, we only want to be trading Cable from the short side.

Now zoom into an intraday chart like the GBP/USD hourly below and let's take a look at the interesting price action I'm talking about.

GBP/USD Hourly:

I've finally changed the colour of the intraday zones I draw to blue, so remember silver is a higher time frame zone and blue is an intraday zone. It's a lot easier for me to differentiate already, so I know it's going to help you guys too.

While the intraday zone I've drawn here isn't the first area of short term support turned resistance, it's certainly being respected so worth putting on our charts.

I've marked the two significant retests from around 3 weeks ago and with price back close to the zone again, it might be worth keeping your eye out for another reaction.

Best of probabilities to you,

Dane.


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