GBPUSD Inside Bar Price Action Setup | July 1st
NOTE: I am back from 8 days at sea, and will now be posting regularly so make sure to check in daily for our usual market commentary.
GBPUSD – Forms Inside Bar Setup
Selling off for the last 8 of 11 days, the pound has formed a combo inverted pin bar + inside bar price action setup. Inverted pin bars are failed attempts to rally, and the price action today was largely within the middle section of the prior body. Intra-day price action suggests more downside, so I’ll look to sell on a rally towards 1.5365 which is both resistance and the daily 20ema.
A break below 1.5162 will setup a challenge of the big figure at 1.5000 where the key 3-mos lows are sitting, but I’m only look for shorts below 1.5525 as the price action isn’t showing a bottoming formation yet.
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