• Vasily Trader

GBPUSD: Update! Spotting False Breakout (video analysis)

If you remember, last week we spotted a structure breakout on GBPUSD .

The price broke and closed below a daily key level, and for us, it was a strong bearish clue.

However, it turned out that the breakout was false.

After a violation of a support, the price was accumulating for quite a while

and managed to return back above the broken structure and also violate a falling parallel channel to the upside on 4H.

It looks like the market maker is playing with our expectations here.

Adjusting my analysis, now I am locally bullish biased and expect a local bullish continuation.