Do you recall how we have been awaiting a potential reversal in GBP/USD? Seeing if we could get down that continuation after faking out above the daily range which we have been following?
Well for those of you playing along at home, this was the GBP/USD higher time frame amount that we've been using as our line in the sand:
Being at the very top of the enormous higher time period range, resistance was never going to be respected to the pip. On this blog, we treat higher time frame resistance levels like this as zones instead of hard amounts and the manner price has acted here adds weight.
Step down into an intraday graph and we get the following:
As you can see, price has continued to reverse after faking out of the scope.
What's really interesting however, is that price has really tapped that range high level into the pip as it reactivates the line this time as resistance.
Technical analysis never ceases to amaze me.
Best of probabilities for you!
Dane Willi --
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