Bearish Engulfing and Outside Bar on GBP/USD

Bearish Engulfing and Outside Bar on GBP/USD

The Price Action technique indicates a correction of the GBP/USD currency pair after a significant growth over the past two weeks. A number of classic patterns, Bearish Engulfing and Outside Bar, (H4 timeframe) were formed near the local offer zone of 1.33600-1.33800. At the moment, the price is testing a "mirror" support level of 1.32800. We recommend you to pay attention to this situation.

If the price fixes below 1.32800, the correction of GBP/USD is expected. The closest target for profit taking is the level of 1.32200. The movement is tending to 1.31750-1.31500. When tracking the position, we recommend using a trailing stop. Confirmations and entry points to the market should be looked for on the lower timeframes.

by JustForex, 2017.11.28

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.

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