In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we analyse the markets with GBP close to a major breakout to the downside.
If you look at this chart on a daily time frame you will see the pound took an initial hit against the USD back in March. Since then, the pound has rebounded approximately 50% against the dollar and then proceeded to grind sideways and consolidate.
This is a good sign for us because we are waiting patiently for the structural breakout to the downside below major monthly support at 1.2165. This is also the price of yesterday’s low so it is definitely an important level of support in this market.
GBP Close to a Major Breakout to the Downside – Full Video Analysis
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