CHART ART: GBP/USD Update and a Bonus Setup in the Pair's Correlated Step Brother

GOOD EVENING STEEMIT!

After smashing out a Mindset blog list this morning, I'm back again tonight with some bread and butter CHART ART.

If you remember back, I took a look at GBP/USD earlier in the week, essentially looking for the pair to rally back up to previous support turned resistance and then for her to shit the bed.

GBP/USD 4 Hourly:

Unfortunately for everyone but the forex maid service who would have had to clean up the mess, the pair was unable to rally before it has started to sell off and it’s looking like leaving without us.

Or did it…?

GBP/USD 4 Hourly

Depending on how aggressively you’re willing to chase a potential bed shitter, this is a fairly nice looking intraday previous support turned resistance level.

I say this because the higher time frame level is obviously holding and the sell off without a retrace to the earlier level means that the sellers are well and truly back in control.

Now while I’m here, I’ll give you some bonus charts from Cable’s Sterling correlated step brother, GBP/JPY.

I was bearish the beast, then I was bullish the beast and now I’m back to bearish again. Yep, all on the same chart pattern.

You might think that's stupid, but nothing good comes from staunchly sticking to a direction when you're a day trader so it's all good. It really does pay to not have a bias when it comes to trading and to just focus on whether the major levels have held or not.

One such level being this daily trend line that price is plunging through right now.

GBP/JPY Daily

Zoom into an intraday chart and you can see the price action is even more juicy for shorts IF you believe that the higher time frame level is in fact breaking.

GBP/JPY Hourly

There could be some really juicy Sterling shorts coming up if these charts do in fact play out. Keep your risk in check and the rewards in these far outweigh the risks.

Looking for a really good end to the week here kiddies.

Peace!

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Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.

CHART ART: Is GBP/USD About to Roll Over?

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Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.

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