GBPUSD - End of the road for the bear trend?
Following some dissapointing data out of the US this week we have seen a very impulsive move up of over 350 pips from the yearly low.
Price is currently at a very strong resistance level and has been tested countless times over the last few weeks.
On the 4 hour we have formed a pin bar which could indicate a push back south, however, a break of the 1.495 level will possibly be the end of the bear trend, or at the very least open the doors to the .618 fib.
On the weekly time frame price has formed a bullish engulfing bar. This is subject to change with another 24 hours of price action to finalise the bar, however, for the time being I think it is worth sitting at the sidelines and waiting to see what happens.
Price is currently at a very strong resistance level and has been tested countless times over the last few weeks.
On the 4 hour we have formed a pin bar which could indicate a push back south, however, a break of the 1.495 level will possibly be the end of the bear trend, or at the very least open the doors to the .618 fib.
On the weekly time frame price has formed a bullish engulfing bar. This is subject to change with another 24 hours of price action to finalise the bar, however, for the time being I think it is worth sitting at the sidelines and waiting to see what happens.