GBP/USD Reactivates Daily Zone as Resistance

in LeoFinance •  11 days ago 

Direct from the desk of Dane Williams.




We thought GBP/USD was breaking higher with momentum, offering a chance to get long.

But price only poked its head through resistance for a few days before the USD took a turn and GBP/USD went down with it.

Take a look at the updated Cable daily chart below.

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.

That retest to reactivate the zone as support highlights why you shouldn't ever delete these higher time frame zones from your charts, even after they've been broken.

They're so often reactivated and tested again down the track just like this.

Best of probabilities to you,

Dane.




FOREX BROKR | Hive Blog
Higher time frame market analysis.

Posted Using LeoFinance

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