The Forex Currency pair Pound dollar (GBP/USD) is trading in a very tight range for the last 20 days. In this post, we have highlighted the extreme power of a possible breakout (or bounce) trade from this critical Market Structure printed by the Forex Currency pair GBP/USD also known as Sterling Dollar or Pound Dollar or Cable. We will illustrate how the Pound Dollar (GBP/USD) needs to be Traded from here?
At the time of writing this blog post, Pound Dollar has printed a typical Forex Pattern as explained below.
Forex Pair Pound Dollar is at the end of the pattern now. Time has come for Pound Dollar to break the bottom support line or bounce from there.
The last support line for Pound Dollar was drawn by joining the swing lows of 11.03.2019 and 29.03.2019 which supported the price on 05.04.2019 to the dot.
The last resistance line for Pound Dollar was drawn by joining the swing highs of 13.03.2019 and 27.03.2019 which resisted the price recently on 12.04.2019 to the dot.
The last support line is a tentative trend line for obvious reasons (as explained in the N P Financials’ Trader Foundation course) for Pound Dollar.
We need to see a confirmed break (as defined by N P Financials’ Breakout method) of the support line in the coming few days to consider Short positions for Pound Dollar.
To know these critical aspects of this predictable pattern breakout by taking your Forex Trading to the Next Level through all our professional approach please contact us at 03 9015 4858 and book your FREE Trading session for 30 minutes at Level 3, 2 Brandon Park Drive, Wheelers Hill, Victoria 3150.
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