Inside Bar on GBP/USD

Inside Bar on GBP/USD

In the near future, a corrective movement may develop on the GBP/USD currency pair. Last week, the currency held the resistance level of 1.30300, which caused the bearish sentiment. New local extremes occurred on the trading instrument.

On the daily chart a classic pattern of the method of Price Action – Inside Bar – has formed. We recommend considering sales of GBP/USD if the price fixes below the level of 1.27750. Confirmations and entry points to the market should be looked for on smaller timeframes.

The immediate goal for profit taking is 1.26500. When tracking the position, it is better to use a trailing stop.

by JustForex, 2017.05.30

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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