GBPUSD – Wedge + Corrective Pullback Off Support | Mar 5th

​GBPUSD – Corrective Pullback Followed By Corrective Bounce?
​Yep, you heard it, a corrective pullback followed by a now corrective bounce. Clearly there is a lack of one-way action here, and nobody taking the mantle here. The good thing is for those still long from our buy reco above 1.6600 & the 20ema, you are a) still in profit, and b) making some carry on the trade (almost = to the .25% interest in your savings account :-o).

For now, the range dominates with a wedge formation building. Range highs come in at 1.6820 highs and 1.6584 holding the range lows. Watch for things to go out of bounds before taking a position, or play the range for a tortuga paced return to the other side.

gbpusd daily market commentary mar 5

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • ajAYI

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    • Chris Capre

      Hello Ajayi,

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  • abah

    very educative.

  • Hank Wilson

    I am so looking forward to getting my education underway. The discounted price offer is the final straw to make certain it happens. I need to cear a couple more hurdles first and I can be there . The march 15 deadline is do-able. Thanks again for having the heart of a server.

    • Chris Capre

      Hello Hank,

      Glad the special price has cleared the path and looking forward to working with you soon.

      Kind Regards,
      Chris Capre