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GBPUSD – Pin Bars @ Resistance
While the Euro continues to be the sleepiest major out there, the GBPUSD has been more active, pressing up against the yearly resistance level at 1.6820 that we talked about in the April 16th commentary. In the last three days, the pair has formed two pin bars, with the second one being smaller than the first.
Considering the price action has been mostly contained near resistance, this would suggest a likely break to the upside, since no real sellers are pushing back. The daily 20 EMA and dynamic support has held the downside the last time, so pullbacks to this area can be good signals to get long (~1.6700/6660) with stops below 1.6640. Upside …... Keep reading