Outside Bar on GBP/USD

Outside Bar on GBP/USD

At the moment, demand for the US dollar has grown significantly. The technical pattern on GBP/USD indicates the development of the corrective movement. Near the round level of 1.36000, a pattern of the Price Action "Outside Bar" (H4 timeframe) was formed. This formation points to the "bearish" sentiment in the near future. Level 1.34500 acts as a local support.

If the price fixes below 1.34500, it is necessary to consider sales of GBP/USD. The immediate goal for profit taking is the level of 1.33750. In the medium term, the GBP/USD currency pair may achieve a "mirror" support of 1.32500. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2017.09.21

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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