GBPUSD - Major Bearish Fakey Sell Signal Could Trigger If Prices Break Back Down
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.
Price Action: A Pin Bar formed late last week next to an inside bar structure. There is now potential for a Bearish Fakey to activate if prices break back down the low of the Pin Bar signal. A bearish Pin Bar that formed 2 weeks ago activated a strong move lower (now event area resistance).
Current Notes: The short term bias remains bearish whilst prices remain below the 1.2780 to 1.2970 resistance area.
Potential Trade Idea: We will consider selling if the current Pin Bar Setup breaks back down below the low at 1.2495, targeting a deeper rotation back towards the old 1.2430 to 1.2500 support area or potentially lower if those levels fail.
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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