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.
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.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book