📊 GBP/USD – Key Support in Focus
Last week, GBP/USD met strong resistance at 1.3587, a key daily opening price level from July 10th, which triggered a sharp decline of over 165 pips.
Currently, price is approaching a daily support level around 1.3401 – 1.3407, an important region formed on Monday, July 21st. This area marked the start of a significant bullish move that lasted from Monday until Wednesday last week, July 23rd.
🔍 What I’m Watching:
I’m closely monitoring the 1.3401 – 1.3407 zone for signs of bullish intent.
A break of the current internal bearish structure (i.e., shift in order flow) from this level would indicate potential accumulation and give me reasons to consider a long position.
✅ Trade Idea:
If price shows:
Then I’ll look to enter long, targeting a potential recovery move.
Note: This is only a potential level of interest - If there is no confirmation to go long from this level, then there is no setup and hence, no trade. I remain patient and reactive at this key level.
To your trading success,
TradeUp team!📈📉
#GBPUSD #ForexAnalysis #PriceAction #Supportandresistance #TradeupNG
Last week, GBP/USD met strong resistance at 1.3587, a key daily opening price level from July 10th, which triggered a sharp decline of over 165 pips.
Currently, price is approaching a daily support level around 1.3401 – 1.3407, an important region formed on Monday, July 21st. This area marked the start of a significant bullish move that lasted from Monday until Wednesday last week, July 23rd.
🔍 What I’m Watching:
I’m closely monitoring the 1.3401 – 1.3407 zone for signs of bullish intent.
A break of the current internal bearish structure (i.e., shift in order flow) from this level would indicate potential accumulation and give me reasons to consider a long position.
✅ Trade Idea:
If price shows:
- Rejection from support
- Break of internal structure to the upside
- Violation of the current bearish order flow.
Then I’ll look to enter long, targeting a potential recovery move.
Note: This is only a potential level of interest - If there is no confirmation to go long from this level, then there is no setup and hence, no trade. I remain patient and reactive at this key level.
To your trading success,
TradeUp team!📈📉
#GBPUSD #ForexAnalysis #PriceAction #Supportandresistance #TradeupNG
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.