GBP/USD Continues to Roll Over

Good afternoon traders,

After GBP/USD tested bearish trend line resistance on the daily and then breaking out of the 4 hour rising wedge pattern that is also in that previous blog, price overnight has continued to roll over.

As always, I’ve first up featured the GBP/USD daily chart with just the most obvious single line, acting as daily resistance. Of course this could have been drawn a number of ways and is therefore more of a daily resistance zone, but the only thing that matters to us here is that higher time frame resistance has held.

GBP/USD Daily:

Click on chart to see a larger view.

Now stepping into an intraday chart, you can see that the levels and stepping patterns around then that we highlighted on the last Cable blog were clearly in play and held for some good risk:reward trades if you took them.

GBP/USD Hourly:

Click on chart to see a larger view.

Plan your trade and then trade your plan.

Best of probabilities to you!

Dane Williams – @VantageFX

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Source: Vantage FX Blog