Inside Bar on GBP/USD

Inside Bar on GBP/USD

Last two weeks there were aggressive sales on GBP/USD. The pound weakened against the US dollar by more than 400 points. Nevertheless, in the near future, we do not exclude a corrective movement. The GBP/USD currency pair maintained a key support level of 1.30500. At the moment, a number of the Price Action patterns, Inside Bar, (H4 timeframe) have been formed. These formations indicate the development of the bullish sentiment in the short term.

If the price fixes above the round level of 1.32000, we recommend considering buying GBP/USD. The closest target for fixing profits is the mark of 1.32850. The movement is tending to the "mirror" resistance level of 1.33600. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.10.10

We recommend you to have a look at the actual figures of technical analysis.

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.