FollowMyTrades

GBPUSD - End of the road for the bear trend?

FX:GBPUSD   British Pound/U.S. Dollar
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.
Definitely one to watch.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out