GBPUSD: Price is now pushing into the extreme zone which has a defined upper resistance boundary of 1.4423. Price is also sitting just above the 1.4345 high that was established back in January. The probability of a bearish reversal is high, BUT until there is confirmation, the bullish momentum can continue to drive price higher.
Keep in mind, if price is going to reject a resistance level, it usually happens fast. As long as price lingers in this area, or slowly grinds higher, that is a sign of strength. I do not buy highs, I look to sell them, but only under very specific conditions. If the market cannot produce the criteria that I am looking for when it comes to initiating a swing trade short, then I avoid completely.
Buying a breakout here is high risk in my opinion. If I am going to capitalize on the long side, I prefer to take risk at more attractive prices. In this case, I am watching the 1.4115 to 1.4054 area (.618 relative to recent bullish swing) which is a minor support. Otherwise my position is neutral which means I have no position.
Make sure to check out S.C. for updates, because if a swing trade short setup develops, that is where the details will be.
Keep in mind, if price is going to reject a resistance level, it usually happens fast. As long as price lingers in this area, or slowly grinds higher, that is a sign of strength. I do not buy highs, I look to sell them, but only under very specific conditions. If the market cannot produce the criteria that I am looking for when it comes to initiating a swing trade short, then I avoid completely.
Buying a breakout here is high risk in my opinion. If I am going to capitalize on the long side, I prefer to take risk at more attractive prices. In this case, I am watching the 1.4115 to 1.4054 area (.618 relative to recent bullish swing) which is a minor support. Otherwise my position is neutral which means I have no position.
Make sure to check out S.C. for updates, because if a swing trade short setup develops, that is where the details will be.
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Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
Related publications
Disclaimer
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I hosted ICTC 2025: whitebit.com/m/ICTC-2025
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
LIVE Day Trades: youtube.com/@marcpmarkets.signals
Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
LIVE Day Trades: youtube.com/@marcpmarkets.signals
Watch Full Trade Scanner Pro Tutorial: youtu.be/fdFLhLnqM9A
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.