GBPUSD Trading Analysis

by: Colibri Trader

 

Dear all,

My recent trading analysis on DAX did not prove extremely successful. There was a pinbar on the daily timeframe, which was followed by a few small bullish candles. I had a small short position, which was stopped-out.

The following session was a bearish session and I am currently looking for another short opportunity.

By the time it comes (if such comes at all), I will concentrate on a currency pair- GBPUSD.

GBPUSD Trading Analysis

Today I am looking at the GBPUSD pair. The daily chart is displaying a bullish pinbar. The pair has not touched the imminent support level, which means that this setup might be very short lived. There is not enough support to be able to hold this currency pair for long.

I am still more bullish than bearish on this pair for the short term. If I see a small retracement towards the 1.3150 area and a bullish candlestick pattern forms the 4 hour chart, then I might consider entering in a small long position.

Before that happens, I will be on the lookout for a good trade.

I hope you will have a great trading week ahead. I will keep you posted with my observations.

 

Thank you and have a nice Sunday!

~Colibri Trader

p.s.

Check out my recent article on Divergences

or if you want to escape those costly trading mistakes a lot of traders make, click HERE