GBP/USD Bears Remain in Control

forexbrokr (67)in #forex • 5 years ago

Direct from the desk of Dane Williams,
This is not your average forex broker blog.

Afternoon team,

After GBP/USD turned at resistance, price continued lower.

For a higher time frame refresher on where Cable is at, click the link to last week's blog in the paragraph above, and take a look at the updated higher time frame chart below.

GBP/USD Daily:

After bouncing off resistance, GBP/USD ticked down slow and steadily.

Not the type of price action we want to see if we're going to really be able to trade this thing short.

But in saying that, now take a look at the 4 hourly chart, paying extra attention to what price did yesterday.

GBP/USD 4 Hourly:

You can see that price never quite made it back up to retest the higher time frame zone as resistance once more, but was stopped almost to the pip, by that previous level of support.

As soon as it was retested as resistance, price rejected hard and the bears are only looking stronger and stronger, even as I type this now.

While this isn't quite the setup I look to trade inside my Inner Circle ⭕️, it does highlight the fact that the bears are the ones in charge of GBP/USD.

Don't fight the herd if you don't have to, guys.

Best of probabilities to you,

Dane.