GBP/USD Retesting Support/Resistance Level

Forward we walk!

After GBP/USD’s election price action to end last week, price has now printed a clean technical pullback.

Open up your MT4 charts and take a look at the GBP/USD daily:

GBP/USD Daily:
Click on chart to see a larger view.

This is a range that we’ve been following on the blog for quite a while now and one that was only broken as Theresa May called the election.

At the time, markets of course didn’t expect Corbyn’s Labour Party to do as well as they did and priced accordingly. But now we know the result, price dropped back to it’s starting price and normal price action has resumed.

Normal price action that involves respecting support/resistance levels on pullbacks and as we’ve said in previous posts featuring GBP/USD, this is a level that has been respected numerous times on both sized now. There is no questioning the validity of this level.

Keep an eye on the @VantageFX Twitter account as the setup develops intraday and as always, don’t be afraid to share your own charts and setups.

Dane Williams – @VantageFX

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Source: Vantage FX Blog