The
Breakout-pullback pattern is based on the premise that once the price has
broken an important support or resistance level, if it pulls back to it, the
chances of it bouncing and going in the direction of the initial breakout are
higher. That is what we are seeing on the 15 minute chart of the GBP/JPY, where
the price has broken to the upside above the 183.00 round number level and has
now pulled back to it. From this point on, the price may try to keep going
higher. Its next resistance zone is the 184.00 level.
Very nice tip, I'll keep an eye on the future.
ReplyDeleteLet's see whether it will be able to break above the resistance at 184.
ReplyDeleteA pullback before another move upward.
ReplyDeleteWell done post, thank you.
ReplyDeleteVery useful information! Thanks.
ReplyDeletevery useful analysis.
ReplyDelete