Inside Bar on GBP/USD

Inside Bar on GBP/USD

The GBP/USD currency pair has kept the local resistance at 1.2470 and started declining. The current technical pattern signals a further fall in GBP/USD quotes. A classic pattern of Price Action, Inside Bar (M30 timeframe), has been formed in the trading instrument. The British pound is currently testing the 1.2420 mark. We recommend paying attention to this situation.

If the price fixes below the support level of 1.2420, GBP/USD sales should be considered. The nearest goal for profit-taking is 1.2390-1.2360. The movement is tending to the round level of 1.2300. When following positions, we recommend using a trailing stop.

by JustForex 2020.05.05

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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