GBPUSD – Fake Breakout Shown by Advanced Volumes +167 Pips
The Pound went through a sell-off in the last days, after testing a resistance at 1.471. The volumes showed supply through May when attempting to rally to the 1.4700 area, but the prices held on below it, with only minor shake-out attempts. Even though there was an up trendline, which shows the long-term trend, a trend can always change, and that’s usually the case when there is professional selling over an extended period of time.
The trade was taken on early London session on the reaction rally, where more sluggish action was seen, and the take-profit set above the nearby trendline.