GBPUSD Price Action 01/09/14

FX:GBPUSD   British Pound / U.S. Dollar
140 0
This currency pair is in a clear uptrend. Significant areas are highlighted in the chart. Those areas are important to us to determine where we'd look for our trade. As shown in the chart, the uptrend continued all the way to the significant round number (1.7) level and broke above. But the market is not ready yet to go beyond this level and went back below it again and did not recover since the down move. The significant area (1.657) could act as a support and as can be seen in the recent bars, the price is forming a reversal of the down move and starting to move up. Price is now moving up but there is no large move yet or a bullish price action that was formed. We still need to wait for that bullish price action to confirm that this pair is ready to move up again. Those price action could be a Bullish Pin Bar , Bullish Engulfing Bar, and/or 2 Bar Bullish Reversal. Though it is worth noting that the current price of the daily candle is near its high (as of writing) which is an indication that bulls are getting back in the market. I'm very bullish with this pair so it's a good opportunity to look for a trade to go long.
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