To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_technical_analysis&ad=gTK_cYAcQZY Okay, now let’s go on over to the GBPUSD. This one’s at an interesting area. Take a look at this black box that’s on the chart. We have been stuck inside here since the beginning of October really. We came down, touched the blue zone at the bottom, rallied, and now we’ve been rattling around inside this black box – orange, purple, green, blue-shaded areas – over the past several weeks. So, nothing really new here except for the fact that now today we touched the top of our range and our last resistance high. You could see that back over here on the left-hand side of the chart. That is 1.2295, 1.2320 is that orange zone. So, you could see what happened the last time, so I would suspect we’re looking at potential resistance here into the orange zone, and only if it really breaks above that orange zone do we start to look for it to go higher. Higher takes it back up here towards this yellow zone. Let me get that pulled over like this. Higher above the orange zone takes it back up here to the yellow zone, which is into the 1.2380, 1.2400s, so it needs to break there. I don’t think you want to buy it as long as it’s underneath that last resistance high at the 1.2320-level. However, there’s potential reversal here. If we see resistance, if we see evidence of reversal, if we get some good news out of the US with ADP or anything else good, FOMC that happens today, we could see this look to go lower. If it’s poor news, negative news, we might break through the 1.2320-level, but this is the area that we want to focus in on. Zoom it in one more time. Take a look at here. We see it touching into that orange-shaded area. Minimal risk on any shorts that you might decide to take. Your stop loss will be above the orange-shaded area. Yesterday I took two opportunities to go short here on the GBPUSD into the purple-shaded area. The first opportunity went down a little bit and we saw over 20 pips of profit. The market went back up; took us out at the stop loss. Then I got back in it again a little bit higher price if you noted that from the notifications for the members. Got back in, saw over 20 pips and went back up. So, two times got in this currency pair from the purple zone yesterday, seeing over 20 pips and going break even. So, was kind of a wash trade yesterday, but it did see 20 pips on two different trades, bouncing off the purple zone. Now through it and now we’re looking at the orange zone to be that next area of resistance. For the day today, as long as it stays within and under here, watching for evidence of resistance and reversal, looking for it to go back down. Any break through 1.2320, we look for the continuation of the upside for the GBPUSD today. https://www.youtube.com/watch?v=gTK_cYAcQZY Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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