GBPUSD – Forms Double Bottom + Pin Bar Rejection | Sep 9
GBPUSD – Double Bottom + Pin Bar, Likely Pullback Coming
After making marginal new lows yesterday, the GBPUSD formed a double bottom + pin bar off the key short term support at 1.6063 which you can see via the 1hr chart below. We can see the trend turning volatile in the price action below, hinting ahead of time the pair might be turning for a possible reversal.
After this level, the next key resistance is 1.6160 short term. If the cable can continue to build higher lows above 1.6080/60, then expect a challenge of 1.6160 and then 1.6200 short term. After clearing 1.6200 and 1.6225, then the next resistance doesn’t come till about 1.6287, so some potential upside for counter-trend traders.
If 1.6060 folds, then the ‘big figure‘ at 1.6000 will be under attack.
Take our Trading Quiz on Price Action Trading
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