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.
Market Trading Ideas for May 10-14Go 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