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GBP/USD Taps Daily Resistance and Sets up for a Possible Short

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Direct from the desk of Dane Williams.

I'm getting smashed by forex copywriting deadlines today, so just a quick GBP/USD update over here on the market analysis blog.

Let's get straight into it.


GBP/USD Analysis

It's been over a month since we last spoke about the pair, when GBP/USD printed a V-shaped bounce off daily support.

Well as you can see on the Cable daily chart below, a whole lot can happen in a month.

GBP/USD Daily:

The last time we spoke about GBP/USD, price had bounced off daily support and was in no-man's-land between zones.

But as you can now see, price has reached daily resistance once more, offering us a chance to potentially get short if it holds.

Zooming into the hourly to take a look at the intraday price action, we've already seen one such chance go by.

GBP/USD Hourly:

You can see on the Cable hourly that price retested the last area of short term support as resistance and then fell straight down.

I didn't trade this particular entry, because entering on a Friday night spike is probably asking for trouble.

But what we also know is that the markets like to give us second and third chances to enter off these zones, so let's leave this one up and see how it develops.


The markets never get distracted, even if we sometimes do ourselves.

Best of probabilities to you,

Dane.

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