Direct from the desk of Dane Williams.
After GBP/USD bounced off lows and retraced well over 50% of the move, Cable has once again found resistance on the daily.
GBP/USD Daily:
The retest of the mid-April high was definitely significant enough for me to slightly rearrange my daily zone down to it.
Remember, support/resistance zones are dynamic and should be treated as such.
If there's a more recent rejection from a level that's close to a previous support/resistance zone, then move it to reflect that fact.
Another clear rejection off higher time frame resistance, giving us an opportunity to play Cable from the short side when markets open again for the week, tomorrow.
Best of probabilities to you,
Dane.
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Higher time frame market analysis.