Outside Bar on GBP/USD

Outside Bar on GBP/USD

Price Action signals a possible correction of the GBP/USD currency pair after a fairly long fall. Close to the local support of 1.35400, the classic pattern of Outside Bar (H1 timeframe) has been formed, which currently acts as a reversal formation. At the moment, the price is testing a "mirror" resistance level of 1.35850. We recommend you to pay attention to this situation.

If the price fixes above 1.35850, it is necessary to consider buying GBP/USD. The closest target for fixing profit is the resistance level of 1.36250. In the medium term, GBP/USD may reach 1.36600-1.37000. Confirmations and entry points to the market should be looked for on lower timeframes. When following the positions, we recommend using a trailing stop.

by JustMarkets, 2018.05.14

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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