TradersClassroom

GBPUSD Coming To A Decision Point

FX:GBPUSD   British Pound/U.S. Dollar
80 5 1
The pair has recently put in a small rally with higher highs and higher lows. We are approaching resistance just below 1.55. Watch price action as we approach this level. A daily pin bar would point towards a continuation of the overall trend. However, the GBP looks poised to post a larger relief rally. Below 1.55 will keep my short bias but above 1.55 would begin looking for longs.

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danndc
2 years ago
do you think it could go right to 1.50 and maybe test the lows?
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TradersClassroom danndc
2 years ago
Of course, the key to trading is to let the market tell you what it wants to do. Too often we refuse to take hints from the market. If its going to continue lower look for a bearish price action indicator such as a pin bar. Drop down to a lower time frame and look for these indicators before just jumping into a trade. Always wait for the trade to come to you instead of forcing the trade. Good Luck!
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danndc TradersClassroom
2 years ago
thanks a lot, but what do you think?
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TradersClassroom danndc
2 years ago
Personally think it will go higher for now (near term). USD has been bottoming across the board. We've put in higher highs and higher lows of late as well. No entry yet but if you're thinking its going lower we are near a great place to short.
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MisterTrader
2 years ago
Level To Watch: #GBPUSD Down trend continuation


indeed!
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