GBP/USD ANALYSIS – 16TH APRIL 2019

Hi Traders!

I hope you are well on this Wednesday Morning!

We are now over halfway through the week as i will not be trading on Friday as it is Good Friday a public holiday. When its a public holiday the volatility is normally low and i would rather take a break and enjoy the day off with the bankers! 

In this article we will be taking a look at GBP/USD on the 4 Hour timeframe. 

I am currently watching this market as you can see below price yesterday showed a breakout of the ascending trendline after being rejected from the descending trendline.

Price has made its way as far as the 1.30450 support. I am now watching to see if we are able to have continuation through this support for a short position. 

If we see price break support i will look to take a short down to the 1.29800 area as highlighted on the chart below. 

If we fail to show continuation through support then i will remain patent. I am not looking to go long on this market at the moment and would need to see structure change before doing so. 

I hope you all have a great day!

James at Technical FX 

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