GBPUSD – At Multi-Year Resistance After Long Tailed Pin Bar | Apr 16th

GBPUSD – Looking Meaner
After forming a long tailed pin bar signal off the daily 20 EMA, the pair has skyrocketed higher directly into the wolves den. Near term resistance is 1.6820, but the longer term resistance on the weekly chart that we discussed on the commentary from April 9th, come in at 1.6877 (Nov. 09′) to 1.7040 (Aug. 09′).

Although the overall trend is clearly up as you can clearly see the HL’s (higher lows) forming on the intraday pullbacks. I’d be open to taking shorts at the key resistance levels above as I’m guessing some bulls will take profit, along with some option barriers up there.

Bulls can watch for corrective pullbacks towards 1.6670, or wait for a breakout pullback setup above 1.6877.

gu daily market commentary

Read our latest forex trading strategy article on false breaks

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

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article