Next day without an open position, but the GBP/USD closed on Take Profit with almost 30% profit. Very good position, we just have to look for more:
The pair is rebounding from the support, but given the strong downward trend after raising interest rates in Canada, it is not worth looking for long positions. The current correction should be an opportunity to open short positions. It is worth observing H4 or D1 chart to see how the price will behave during nearest resistance test.
I was waiting for a test of earlier resistance (now support) but the breakout was so dynamic that the pair made nearly 400 pips without any visible correction on D1. It is now approaching another resistance, but here, like the Canadian Dollar, the trend is too strong to play against it. Unless a really good and clear Price Action (Pin Bar, Fakey, Inside Bar) sell signal from the daily chart.
On the chart you can see the buy signal from August 24th and a very nice upward trend. Currently my longs are closed as I wrote in the introduction, but the pair has broken the resistance and now we will be able to look for long positions again. If the price goes back to the previous resistance, which will now provide support and give us a buy signal on H4, I will go long.