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GBPUSD Trading Analysis

Posted on Jun 10th, 2018

by colibritrader

GBPUSD Trading Analysis

Dear traders,

The trading idea from last time played out quite well. Price touched the first resistance area at 12900 and then reversed back.

The daily candle from Friday was a bearish rejection candle very similar to a pinbar.

I am still seeing a bullish bias. Not sure for how long it will last, but bulls are definitely winning for now at this battle of forces:)

GBPUSD Trading Analysis

Today I am looking at the GBPUSD.

One thing to consider is that the price is currently locked in approximately 300-pip range. That makes it more difficult to trade.

The candlestick formation from Friday was a pinbar. This means that bulls might prevail in the next few trading sessions.

I am still not very convinced though. Although this would be seen as a quite bullish signal, I like to see candlestick formations forming at major support/resistance areas.

For now, I will resist trading this pair.

On the other side, I am not seeing anything else that is worth mentioning. I will keep on monitoring and will share with you my observations.

I do also share sometimes on my Twitter page. Feel free to follow me there, too!

Thank you and have a nice Sunday!

Colibri Trader

p.s.

Check out my recent article on What Could Make You Great At Trading

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