This post is about Sterling or Pound dollar chart In which I am about to mentioned few crucial points of Price Action,First of them is that It traded in within a range since past few weeks and when that low was broken, price hurried up to go above the broken support.
Point of concern now is break above 1.5550 to give us strong indication that bullish momentum is again getting speed and we should look for long entries. But as I said we need a break above that level. To Sum up the things see the h4 chart with possible scenarios and How price unfolds beautifully as expected.
Price chart of Sterling
As You see in the chat price attack the line 1.5470 immediately after breaking the support gives us clue that price is ready to rise but we need bigger clues if price can break 1.5550 and we will get strong trading levels from 1.5470 to 1.5550 and then we try and look for possible long or short entry. But still too early to tell whether price action of gbp/usd is bullish or bearish.
Looking ahead 1.5610 is strong level and Price Action traders always keep in mind the possible targets when it hits the bullish momentum and possibly continue its way through and breach several levels to find its target.
If Price breaks the low of 1.5422 level then it would be a different story altogether as I would look for bearish entries if Price give us opportunity at higher levels to trade and short the pair after breaching the lows .
Price Action always tells us what to do and what not to do and how much you need to have patience and whether or not that patience is paid or leave you much more awaited for your next trade.
These are much important levels for Price action traders, As I mention in my previous posts that Supply and demand levels are the only true levels to trade rather than trusting support and resistance as we have seen so many times, Price breaks a support and rise with more powerful and break the resistance and decline with even more strong pace than rise. But Price Action is king and reading every time frame is very important to give you the entry and exit levels.
Stay tuned for more.
Trade Well
Happy Weekend
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