GBPUSD has broken its descending channel. I did expect price to drop a little further before testing the resistance area, however thats not important because I will only enter a trade in significant areas.The drawings are from my analysis last week by the way which I posted at the time.
Now I am looking for the price to hit my resistance and I will then find an entry position either via a candle formation or a strong rejection at the zone.
RSI is currently close to being over sold which is good.
Currently the moving average has been broken so it shows a good chance of the price to carry on bullish, pushing up to my area.
1.29650 is my resistance level.
The whole GBPUSD market is currently bearish and price does look like its going in to some consolidation so be wary of that but it could be due to the bank holliday in the US yesterday.
At resistance I am looking to go short for a small 80pip profit as I think the trend will change on this pair.
Keep your trading simple and ensure you have patience to see where price may go before entering the market.