Trade Idea: Selling GBPUSD Bearish Pin Bar On Break Below 1.2495 Level

  


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GBPUSD – Selling Bearish Pin Bar On Break Below 1.2495 Level – July 12th, 2019

Trend: Bearish

Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.

Price Action: Pin Bar forms overnight after False Break out from an Inside Bar. There is now potential for a Bearish Fakey to activate if prices break back down A bearish Pin Bar that formed 2 weeks ago activated a strong move lower (now event area resistance).

Current Notes: The short term bias remains bearish whilst prices remain below the 1.2780 to 1.2970 resistance area.

Potential Trade Idea: We will consider selling if the current Pin Bar Setup breaks back down below the low at 1.2495, targeting a deeper rotation back towards the old 1.2430 to 1.2500 support area or potentially lower if those levels fail.

NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.

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