FX Commentary – GBPUSD Trend Transition Forms Bottom As Expected | May 16th

GBPUSD – Price Action Bottoms, More Upside?
As discussed in my FX market commentary yesterday, the GBPUSD was showing intra-day price action signs of a bottom forming via the trend transitions and two way order flow.  You can see this in the consolidations which were increasing as the trend went on, signaling a greater participation from the counter-trend players. When you can learn the to read these (on any time frame), you can use them to spot likely trend reversals and counter-trend setups.

The pair took out the 1.5272, and once it did, it quickly went to our first target at 1.5320 discussed yesterday which savvy price action traders profited from. The pair did sell of heavily into the close, so the sellers maybe used this pullback to test the bulls. It is currently resting on support at 1.5275, and should this break, 1.5245 will be under attack, then 1.5200. Bulls will need to take out the daily highs at 1.5321 to bring in new longs and trip short term stops.

trend transitions two way order flow price action gbpusd 2ndskiesforex.com

Visit our Free Beginners Course & make sure to watch my latest video on Price Action, Order Flow and Transitions

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article

  • Hugo Jensen

    Thanks Chris, I’ll keep an eye on that one..

    Regards Hugo