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.
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.
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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