Pin Bar and Bearish Engulfing on GBP/USD

Pin Bar and Bearish Engulfing on GBP/USD

The current technical pattern on GBP/USD indicates the development of the corrective movement after a significant increase last week. Near the key resistance level of 1.30250, a number of the Price Action patterns, Pin Bar and Bearish Engulfing, were formed, which act as reversal formations.

We recommend considering sales of GBP/USD if the price consolidates below the support level of 1.29500. The immediate goal for profit taking is the round level of 1.29000. In the medium term, the currency may reach the level of 1.28500. While following a position, one should use a trailing stop.

by JustForex, 2017.07.03

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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