It’s been a while since the last time I place a trade on the Pound (GBPUSD), I wasn’t comfortable with it. You see, what I try to look for on any currency I’m trading is clear long term support and resistance levels, this way I know what the market is likely to do in the following hours/days.
And on the last months, the GBPUSD didn’t trade between clear S&R levels, it retraced back from random levels, sometimes it broke an important level just to retrace back the following day, etc. But in the last few days, it has proved to trade in between consistent level, therefore I’m preparing myself to trade it again!
This is the hourly chart:
If it breaks the lower green support level, I’ll start looking for short opportunities