GBPUSD – Forms Pin Bar Rejection at a Key Level
After the ECB Press Conference, the USD got hammered, particularly vs. the GBP climbed over 200 pips on the day. In the process, the pair formed a pin bar rejection at the Mar-May swing highs at 1.5612. But notice how the wick is above the key level, suggesting false break, while the close is below on the 4hr chart.
Will the pair reverse?
I’m thinking it will not because of a) look at the 1hr charts and notice there is no follow through selling, just consolidation after, and b) the 4hr bar leading up to the pin bar is quite strong. Now this could mean exhaustion or climax, but I …... Keep reading