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 FX106