To Get Ross' Free Forex Trade Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=fx_trading&ad=wlUTNjr3yQ8 Starting here on the daily timeframe, zoomed out a little bit so we could see the history of this currency pair. We have been in a downtrend for quite a long time. We go all the way back into July and August of 2015, capping out up there into the 1.5700 and 1.5800s at the top left-hand side of the chart. Over the past several months, moving all the way down into the lows, into the 1.3800s. Over the past few weeks though, since really February of this year, we’ve been in somewhat of a range, and you could see that highlighted with this black box that I have here at the bottom right-hand corner of the chart. We’ve been bouncing around between the 1.4000s and the 1.4300s for the past several weeks, inside this black box. What’s most important about that is that we’re now challenging and are at the very top of that range or that black box. We have seen significant resistance into the 1.4350 to 1.4390-level, the blue-shaded area at the top of that black box. Let’s zoom it in one time now that we’ve seen that history and you could see the blue-shaded area at the top. Again, 1.4350 to 1.4390 is that blue-shaded area at the top of the black box. That is a key area of resistance. Not only today we see resistance there, but we go back several weeks ago and we could see resistance here. Just ahead of this high here, we could see some resistance here. We go back even further left and you could see resistance here, you see support here, and where the blue circle is you see resistance again. So, we have seen significant decisions made by the market to buy, sell, enter and exit. Sometimes it’s resistance, where buyers exit and sellers enter. Sometimes it’s support just after that blue circle, where the sellers exited and the buyers entered. So, it’s a significant decision zone into the mid to upper-1.4300s, just underneath the 1.4400-level. Not only that. We can follow this red trend line. We have a short, red trend line here on the chart. In fact, let me change the color of this one so it’s different than the one just above it. Let’s change this one to blue. So, we have this short, blue trend line now coming from the top. You see resistance high, resistance high, resistance high, and that’s where the market is challenging today, right there into that blue trend line. Let’s zoom it in one more time here. Now you could start to really get a handle on where that blue trend line comes from. From the very top. Again, that’s all the way up here, connecting with this high here and this high here, and we could see how that works into today’s market, coming right there into the 1.4389-level. So, all that to say significant resistance for the GBPUSD. If it stays within and under it, history tells us that we could look for it to turn around and go back down towards the next support levels or stay within the wide range. If it breaks outside and above here, we’d look for the continuation higher, and history tells us that if it goes higher, we’re going all the way back up here towards the 1.4500-level and into the 1.4500s, the orange-shaded area that sits just up here at the top of the chart. History shows us that here and back here. So, what we’re looking for are one of two things. Either clues to resistance and reversal from this upper-1.4300, 1.4400-level. Resistance and reversal to go back down and stay within the range, all the way back down here to the green zone or lower, or a breakout of the 1.4390-level and a continuation towards the highs, and we haven’t seen either one of those things yet today. So, we’re going to continue to watch for that today. https://www.youtube.com/watch?v=wlUTNjr3yQ8 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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