Sunday, 10 April 2016

GBP/USD# Price To 1 min Levels +8 pips [2016-03-23]

GBP/USD Price To 1 min Levels +8 pips [2016-03-23]

Just like the previous GBP/USD trade, this is in essence a 5 min trend trade. However we are a different stage of the price cycle. The gap between the 1 min and 5 min boxes has narrowed and price is turn over. This is the third push lower after the initial low and then a trend trade. Generally, we would be watchful about taking a trade on the third movement but here price has retraced quickly tp be 20 pips from the 1 min and at a 5 min resistance. Price never stays far away from the 1 min levels for long so this provides an opportunity to short Cable especially as the longer term trend is still short.

Learn more about the the price cycle and Forex signals the TimeLanes produce

from 24HR Forex Trade Room