Original subtitles

0 Hello, traders, and welcome to the next video where I will plot the support and resistance levels on 1

GBPUSD forex pair using the top-down approach. Once again on monthly charts, 2

I will plot the levels as I move downwards on this pair. 3

This is the first major level where multiple touches were recorded in the past on this pair. 4

Moving forward, this is another key level on GBPUSD, there were many touches on this pair at 5

three different positions. 6

This is the third level so I will place a solid line here, too. 7

It is a good habit to count these touches with each line to validate these levels. 8

This is the next level with more than seven price touches on GBPUSD 9

Similarly, just below the last level here, we saw a couple more major support and resistance levels. 10

Now, guys, as we advance towards the recent price action, our support and resistance levels will 11

start presenting trade opportunities. Once again, 12

this level was tested many times by price. 13

This is next support and resistance level, which is breached by GBPUSD very recently, as you see here. 14

Now, because there is no data available to the left of the chart for the remaining price data, I will 15

zoom in on monthly charts to plot the support and resistance levels. 16

I will plot the remaining two levels, which I see here before we progress to smaller timeframes. 17

Once again, we will use weekly timeframes to adjust any of the recent levels accordingly if required. 18

Notice how the recent major support and resistance levels were respected by the price multiple times. 19

Now I switch to daily or 4-hour charts to plot the zones using these levels from the larger timeframes. 20

Once again, to plot the zone, I will use the recent price action around this level to plot a sideways 21

movement support and resistance, as I show you here. 22

Guys, as you can see here, I opened a long position based on my analysis as the trend continuation 23

was confirmed by volumes and price action on GBPUSD. 24

And this trade is running at more than 100 pips as I speak. 25

This also concludes the top-down analysis on GBPUSD, and I will see you in the next video where 26

I will analyze Silver.