GBPUSD seems to have finally succumbed to the bearish pressure from the resistance just above at about 1.5260 as price was convincingly rejected at about that zone at the close of the day's trading. A Bullish Two Bar Reversal Price Action Setup ensures as a result and if this setup pulls off, price could head towards support at about 1.4830.
My Recommendation: One more trading day's close would be necessary to ascertain the true value of this setup.
2 comments:
Am already short on this pair because of the significance of the level, it is a key daily and weekly resistance level and the closing bar is a fakey it faked out all traders who were long believing that the resistance will be broken. A 50% retrace entry and SL above the bar or entry below the close and SL at open. Just my thoughts. Cheers
Great entry Emmy. If we manage to stay bearish today, it should send prices much lower.
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