In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we examine the triple top in GBPUSD present on bigger time frames.
With that said, we have seen some considerable pound strength recently and that may continue if the likely-hood of a Conservative majority in the upcoming election prevails. So, looking at this chart from a technical perspective, we have seen a high at 1.3011 and then a lower high at 1.2973. We have also seen an initial pullback low at 1.2788 followed by a lower low at 1.2766. If this sequence of lower highs and lower lows prevails then we anticipate the GBPUSD’s next move is down to the 1.27/1.28 price point.
With all things considered, if prices break below the 2 day low of 1.2900 then we would be looking for high probability trading opportunities to the downside.
Triple Top in GBPUSD – Full Video Analysis
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