Support Line Hit....Again

Good Morning Dynamic Traders,

The weekend has finally arrived and starts to tonight. Hope you have had a good week and managed to make some profit.

I have decided to stay with the GBPUSD today, because if you look at the day chart below you will see that price has managed to break below the trend line on Wednesday. However you will also see that price has hit the support line now and seems to be struggling a little. This hasn’t come as surprise as we already knew that price would struggle at this RN. This is preciously the reason I have decided to take a conservative approach, because it might take price some time to break below this area.













So what’s going to happen next?

I will definitely keep this chart on my watch list, because you will notice in the day chart above, that price has actually fallen below a major RN. This RN and the trend line will now act as resistance which might help to guide price to fall further. I won’t be taking a short position until I feel that price has broken below the current support area.

What’s your plan of action going to be?

Hope you all have a great weekend,

Carpe Diem

Richard Monnery