The awaited break of 1.5700 in gbp/usd happened, but it turned to be false again, at least at the time of writing and price is again below the level. As you may see from the chart price broke above yesterday’s high and then reversed falling back below key level. That is pretty usual price action in currency market. That also confirms the idea how much manipulated it is. You may not believe it, but how can you explain this kind of price action of breakouts and then reversals the next day. That’s banksters playing with traders’ money.
Anyway, if you chose to be in the game you have to know how to play it. Be sure to watch price action which happens right after a breakout occurs. False breaks are “smart money” tricks to get your money out of your pocket into their pockets.
We have to continue watching price action to see what happens next. Will there be a continuation of a downtrend or price will rally upwards tomorrow? Anything can happen. Support comes at: 1.5680, 1.5650 and 1.5630. I tend to think a reversal may happen around 1.5650, but that will become clearer after Asian session tomorrow as we will head into European session.
See you tomorrow with the updates.