Pin Bar on GBP/USD

Pin Bar on GBP/USD

Since the beginning of this month, there have been aggressive purchases of GBP/USD. Nevertheless, the correction is not ruled out in the near future. Near the round level of 1.39000, a classic pattern of the Price Action, Pin Bar, was formed, which acts as a reversal formation. At the moment, the price is testing the local support of 1.38100. We recommend you to pay attention to this situation.

If the price fixes below 1.38100, it is necessary to consider sales of GBP/USD. The closest target for fixing profit is the level of 1.37400. In the medium term, GBP/USD may reach 1.36650-1.36000. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on lower timeframes.

by JustForex, 2018.01.18

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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