GBPZAR at Clear Resistance Zone - Will Sellers Step In?
GBPZAR has reached a significant resistance zone, marked by prior price rejections and strong selling pressure. This area has historically acted as a key supply zone, indicating the potential for a pullback if sellers regain control.The current market structure suggests that if the price confirms a rejection from this resistance zone, there is a high likelihood of a downward move. I anticipate that if rejection occurs, the market may head lower toward the 23.1620 level, which represents a logical target within the current market structure.
This setup reflects the potential for a retracement after an impulsive move, supported by the confluence of previous price behavior and the current structure.
Trade active
Trade closed: target reached
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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.