Forex Price Action – GBPUSD Pin Bar + Piercing Bar Combo | Nov. 15th
In a similar fashion to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable seems to be attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar, followed by a pin bar.
Although its not as strong a price action as the Euro signal was, after selling for six days, the pound may be trying to form a short term bottom. First hurdle will be to close above the 20ema and 1.5878. After this, 1.5900 is on deck, but then 1.5950 could be under attack shortly. 1.5825 is the short term line in the sand for the bulls to hold and the bears to take out for more downside play.
Upcoming Economic Announcements:
|EUR Euro-Zone Current Account s.a. (euros)||04.00EST|
|USD Total Net TIC Flows||09.00EST|
|USD Industrial Production||09.15EST|
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book