Price Beat the RN

Good Afternoon Dynamic Traders,

Half way through the week now and I hope a good week it has been.

In the day chart below you will see that price has actually beaten the RN and has continued to climb. This is exactly the reason why it was important to wait for price to break below the support area at 1.4800 before entering a short position because if you had jumped in earlier you would be pulling your hair out by now.













Although a shorting position won’t be happening anytime soon, this cross might still be worth keeping an eye on.

If you are looking at long position on the GBPUSD I wouldn’t jump the gun just yet. If price does continue to climb you will notice from the day chart above that price is on its way to a resistance level. I would suggest that a long position wouldn’t be advisable till price has beaten this area.
In fact you will see that price is currently at a resistance level, which it will have to beat before it arrives at the resistance area I mentioned above.

What are your thoughts?

Carpe Diem

Richard Monnery