The GBPUSD was rejected from the most important long term support level at 1.6156, this creates a bullish market condition. Please take a look at the next chart:
Remember the market condition is different from the market trend. In this chart for example, the general trend is a “range” 1.6654 – 1.6156, but the market condition is bullish because it has been rejected from the main support level. The market condition tells us the direction for the next hours/days.
My Trading Plan:
Look for long trading opportunities, all take profit levels will be placed below the next resistance level at 1.6654.
All short opportunities will be ignored.
I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .