Inside Bar on GBP/USD

Inside Bar on GBP/USD

The Price Action method signals a possible correction of the GBP/USD currency pair after a fairly long fall. Near the local demand zone of 1.30600-1.31000, the classic pattern of Inside Bar (D1 timeframe) has been formed, which currently acts as a reversal formation. The key resistance is the round level of 1.32000. We recommend you to pay attention to this situation.

If the price fixes above 1.32000, it is necessary to consider buying GBP/USD. The closest target for profit taking is the round level of 1.33000. In the medium term, GBP/USD may reach 1.34250-1.35000. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.07.03

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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