Is the GBP/USD Chart about to Break Out?
Trade analysis from expert Nial Fuller.
GBP/USD – inside bar pin bar combo on sterling/dollar could lead to higher prices
The GBP/USD has shown obvious strength on the daily chart over the last month, pushing up through 1.2335 and then holding above that level on subsequent re-tests. Over the last few weeks, the daily chart has remained buoyant and shown resilience after each attempt by sellers to push prices lower.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
On the daily time-frame chart, we can now see an inside pin bar combo signal (an inside bar pattern where the inside bar is also a pin) and it’s logical to assume price could move higher from this pattern, perhaps significantly so. A trade entry on the long side could yield a 2 to 1 risk reward, potentially higher if the market follows through to the upside, with resistance not seen until 1.2850 area. As always, trade at your own risk.
Suggested articles
ACY Securities’ Sponsorship of Australian Turf Club off to a Flying StartGo to article >>
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com
When we talk about brokers than its obvious concept to look for attractive brokers that offers benefits such as bonus, rebates and benefits on that lines but what’s often forgotten is quality of the company.
FpMarket apart from been regulated by ASIC, it’s also been a pillar of this industry for last 11/12 YEARS and winning as many as 34 Awards. From offering wide range of instruments to select from, it has complete transparent, simple and straight forward structure that not just offers the best, but in a way that makes trading look walk in the park!