GBPUSD chart is telling bullish story
1) Extremely high-volume down-move.
2) Too big upwards-pullback. It tells that high volume (1) contains the hidden strength.
3) SLKB under the previous minor low with closing on the top.
4) DB breaking out above red resistance line (rising volume = effort of bulls to breakout)
5) testing the breakout effort level (setup for entering longs). Note, C approx = (A+B)/2
6) DB and breaking above the center trend-line
What is next for GBPUSD?
1.3 round number and major resistance are near. We have strength in the background.
-) The first attempt to break above 1.3 should follow.
-) Then the market will be vulnerable for SLKT, minor Trap.
-) Then the second attempt to break above 1.3 should follow.
This is the most expectable scenario for me.
Home
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
Start building your success with Chart Reading method. Let’s not go back to what wasn’t working anyway.
No spam is guaranteed.