Two days ago, 
GBPUSD did what it often does – spiked above the previous high with no solid fundamental reason, likely just to hunt stops.
This return into the resistance zone might look bullish on the surface, but the bigger picture remains unchanged.
Has the market really resumed its up move, or was this just a trap?
Despite the upward push, the overall outlook stays bearish. A drop towards the 1.3000 zone is still highly probable – but we need confirmation.
Why the bearish scenario remains valid:
• The spike occurred without strong fundamental backing.
• Price hasn't broken the strong 1.35 resistance.
• Key support for a breakdown lies at 1.3330–1.3350 – a clear break here is the signal for downside continuation.
Trading Plan:
Wait for a break below 1.3330–1.3350, and then look for short setups on lower timeframes.
Invalidation comes only if the pair pushes and sustains above 1.3500, in which case the bearish thesis is off the table.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
GBPUSD did what it often does – spiked above the previous high with no solid fundamental reason, likely just to hunt stops. This return into the resistance zone might look bullish on the surface, but the bigger picture remains unchanged.
Has the market really resumed its up move, or was this just a trap?
Despite the upward push, the overall outlook stays bearish. A drop towards the 1.3000 zone is still highly probable – but we need confirmation.
Why the bearish scenario remains valid:
• The spike occurred without strong fundamental backing.
• Price hasn't broken the strong 1.35 resistance.
• Key support for a breakdown lies at 1.3330–1.3350 – a clear break here is the signal for downside continuation.
Trading Plan:
Wait for a break below 1.3330–1.3350, and then look for short setups on lower timeframes.
Invalidation comes only if the pair pushes and sustains above 1.3500, in which case the bearish thesis is off the table.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
GbpUsd broke under confluence support1.3350 zone is now resistance
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.