GBPUSD - Collapses From Pin Bar + Inside Bar Combo Pattern Under 1.2380 Resistance.
Relevant Key Levels: Resistance 1.2380 and 1.2580. Support at 1.1990 and 1.2250
Price Action: Price broke down strongly from a Bearish Tailed Bar + Inside Bar Combo that formed at 1.2380. Bullish Pin Bar forms at 1.2250 Support Level several days ago. Price sold off from a large Bearish Pin Bar reversal that formed at the 1.2580 resistance area recently (Mentioned in Weekly Analysis Commentary).
Current Notes: The trend still remains bearish whilst prices remain below the 1.2580 resistance area. If we eventually break back below 1.1990 level, the door can re-open to significantly lower prices.
Potential Trade Idea: We will consider selling short on a retracement higher and/or from a bearish price action sell signal at or just under the 1.2580 resistance area. The initial downside targets 1.2250 and 1.2000.
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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