Outside Bar on GBP/USD

Outside Bar on GBP/USD

At the moment, the bearish sentiment prevails on the GBP/USD currency pair. The trading instrument has the potential to further reduce. Demand for the US dollar is at a fairly high level. Near the resistance level of 1.39750, the Price Action classic pattern of Outside Bar (H4 timeframe) has been formed, which indicates the correction of the GBP/USD quotations. The price is testing the support level of 1.38650. We recommend you to pay attention to this situation.

If the price fixes below 1.38650, it is necessary to consider sales of GBP/USD. The closest target for profit taking is the local support of 1.37750. In the medium term, the GBP/USD currency pair may reach a round level of 1.37000. Confirmations and entry points to the market should be looked on lower timeframes. When tracking positions, one should use a trailing stop.

by JustForex, 2018.02.22

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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