The GBPUSD price action today for resistance near a downward sloping trendline, and on the downside, he found support against a cluster of moving averages. The trendline came in near 1.3456. The moving averages are between 1.3382 and 1.3395. The high price today reached 1.3457 and the low price was at 1.3394.
Trading successfully can be improved by knowing where support and resistance are located. To understand that, it is important to understand which technical levels traders tend to look at, and then leaned against them. The hope is that the price respects the levels, and the traders can “risk a little to make more than little”.
In the video above I outline the technical levels in play explain why they were in play today.
