Chart in Focus: GBPUSD Daily Chart
In our recent GBPUSD September 22nd commentary, we discussed the potential for the market to fall lower following the large bearish tailed rejection bar from September 19th. We can see that today, price formed an inside bar pattern, providing perhaps another selling opportunity if price breaks down from this setup, potentially resuming the previous downtrend. Note that anyone who entered short near 1.6390 – 1.6400 as we initially discussed in that September 22nd commentary, would now be in profit with the potential for more downside movement in the coming days.
In our recent GBPUSD September 22nd commentary, we discussed the potential for the market to fall lower following the large bearish tailed rejection bar from September 19th. We can see that today, price formed an inside bar pattern, providing perhaps another selling opportunity if price breaks down from this setup, potentially resuming the previous downtrend. Note that anyone who entered short near 1.6390 – 1.6400 as we initially discussed in that September 22nd commentary, would now be in profit with the potential for more downside movement in the coming days.
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