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GBPUSD Pin Bar off Big Figure. Will it Break Up? Jun 10th
GBPUSD – Holds the Line in Quiet Session
In what was a quiet session for most pairs (save the JPY’s), the USD pairs remained mostly range bound while being slightly bid on the day. In my weekly market commentary, I talked about how I felt the GBP was holding its own vs. the USD, and it should find support intraday. The pair did exactly this, forming a pin bar off the big figure in 1.5500 and dynamic 20ema support on the 4hr chart.
This shows continual short term interest in buying on dips, so the pair should attempt to break last weeks highs and clear the air above 1.5612. Watch for intraday price action signals holding around 1.5500 targeting 1.5612, and possibly gunning for 1.5800. A 4hr close below 1.55 suggests and attach on 1.5375.
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