GBPUSD: Price Reached Resistance Zone
The price reached the resistance zone formed by SMA200, the weekly downtrend line, and 1.28000 resistance level. The price action in this zone will be able to give us trade opportunities in different timeframes.
If the price bounces from the resistance zone, it will be possible to search for sell signals using the hourly and minute charts. Sellers will be able to push the price down to the daily SMA50 and SMA100.
If buyers have power, they will try to continue the upward movement. But for this, they will have to break 1.28000 resistance and stay above this level. The breakout signal can be used for buying if we trade using the triangle pattern from the daily timeframe.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price bounces from the resistance zone, it will be possible to search for sell signals using the hourly and minute charts. Sellers will be able to push the price down to the daily SMA50 and SMA100.
If buyers have power, they will try to continue the upward movement. But for this, they will have to break 1.28000 resistance and stay above this level. The breakout signal can be used for buying if we trade using the triangle pattern from the daily timeframe.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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