GBPUSD – Fakey Triggers Lower Last Week + Another Tight Ranged Inside Bar Could Beak Down

Trend: Bearish

Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430. Support 1.1990.

Price Action: Tight Inside Bar Forms (Will be bearish setup if prices break down). Bearish Fakey Pattern triggers late last week (Discussed in prior commentary). A bearish pin bar formed several weeks ago just above current prices.

Current Notes: The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.

Potential Trade Idea: We will continue looking to sell short on any pockets of strength OR on a price action sell signal whilst prices remain below the 1.2400 to 1.2560 resistance area, targeting further declines towards 1.1990 area.

GBPUSD

 

Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Blog - Learn To Trade The Market.

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