Trade77; GBPUSD In The Range Zone 7am


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

GBPUSD is still above the daily trendline and after a sharp move down from 1.5900 to 1.5350, now it’s in an important zone which I want to call it “Range Zone”. 1.5350 and 1.5500 are great S/R levels which can hold the price for sometimes and make it up and down between those levels.

I like this range zone and I highly recommend everyone to watch it carefully for short swing trades and going short at 1.5500 and going long at 1.5300, but breakout would be the greatest trade as I can expect any breakouts to the upside or downside will make around 500 pips.
Once again I want to note that legitimate breakouts need high volume and do not trust low volume breakouts which occur late on US trading session or in Asian session.

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Kindest Regards

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  • Anonymous

    You are welcome Joe and Thanks for your comment. Yes my bias is more bearish but it might break to the upside and make some corrections.

  • Joe

    thank u Manio for ur analysis, but as we see the only currency which is weak against usd is pound so don’t u think the break will be down side?