Pin bar on daily chart means this pair could gradually turn our attention to the downside for few days.
Coincidentally this is also the 61.8% retracement of the fibo drawn from 1.5245 high and 1.3829 most recent low.
Today price is about to close below 38.2% of the same fibo. and also closing below my trend ...
I think this pair will be bearish for a few moment, considering the head and shoulder pattern formed.
Price is already at the neck waiting for a break downward. If it spikes up, sell it and ride it to the key supports drawn on the chart. Happy Trading.
Currently the short term view of GBPUSD is short after a pin-bar candlestick formed on yesterday close. I expect this pair to fall today. And if today closes below the 0.5 Fibonacci arc, then it should fall more. My possible entry for long position is around the 0764 Fibonacci retracement, which is also the bottom ...
With this daily chart price action, it would really be a nice moment to look for an opportunity to go long on this pair considering the previous xdays fall as a mere retracement of the overall bullish bias.
With this daily chart price action, it would really be a nice moment to look for an opportunity to go long on this pair considering the previous xdays fall as a mere retracement to the overall bullish bias.