Supply Holds On the Pound

The Pound has had a big bullish run recently and it's hit some key levels on a number of pairs. I'm going to talk about a couple of them in this post.

GJ

GJ rallied up over 1000 pips in it's most recent bullish push and it hit a level I was interested in being supply and resistance.

 

An ascending channel began to form so I continued to monitor price as PA was slowing down.

Sure enough, the ascending channel broke, we had a retest and there was a short opportunity with the 30m trend.

And then we know what happened next.

 

GU

GU had a very similar picture with price hit daily supply and weekly resistance.

We had a H4 ascending channel break with a retest:

And a nice move away:

It wasn't just the pounds and I'll mention one more here and keep it brief:

NJ

Price hit daily supply, broke a H4 rising wedge formation with a retest and there was a short opportunity.

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Here is just a little snippet

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