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GBPUSD – Hitting the 20ema After SDB Pattern
After selling off a decent chunk last week, the cable is formed an SDB pattern (Shortened Double Bottom) with the lows of both 4hr candles hitting within 1 pip of each other, which gave us a clear line in the sand telling us there were some solid buyers there willing to defend that area and get long despite the last 28 out of 32hrs of selling as you can see in the 4hr chart below.
These patterns on higher time frames generally offer another price action trigger on a lower time frame. Shifting to the 1hr chart, we can see this is exactly how it played out, forming a pinbar which was …... Keep reading