GBPUSD shorts in play off MASSIVE key level!

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24 August 2021 | Updated: 24 August 2021

Key Resistance: 1.3750
Key Support: 1.36000

The GBPUSD started the week o a bullish note reversing from around last month’s lows but if we look at the mid term in this market we can see that this bullish move is only a 50% pullback from last week’s bearish range.
If we look at the past month’s range we are looking at a 38.2% pullback creating a fibonacci cluster at a very key level here: the 1.3750.

Looking at historic price action this level was a previous base at the beginning of July and price has pivoted around it quite heavily bringing buyers when it’s being tested as support and sellers when it’s being tested as resistance.

Today we’re looking at a fakeout of the immediate bearish structure to retest and reject this level on a trend following trade.

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