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GBPUSD inside bar setup with trend
Yesterday the GBPUSD formed an inside bar in the context of the dominant daily uptrend. Today this inside bar setup came off with the trend to the upside. Resistance comes in near 1.5475.
Inside bars are best traded in the direction of the dominant trend as we can see in the chart example below. This inside bar setup was good for a risk to reward of 1 to 1.5, possibly more if resistance near 1.5475 is broken next week….
To learn more about risk to reward scenarios and position sizing check out this great new article posted today: The Secret to Successful Forex Trading
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Commentary:
The U.S. dollar was mainly lower today against the other majors but it did manage to gain substantial ground on the Swiss franc and modest ground on the Japanese yen.
The Japanese yen was also very weak today, however it too manage to gain on the Swiss franc which was apparently today’s biggest FX session loser.
The Euro was also quite weak today, losing badly to the British pound and just barely holding its ground against the other majors except for a decent gain on the yen.
The Dow gained 102.32 points today, or 0.99 percent, the S&P 500 added on 8.99 points, or 0.82 percent, and the Nasdaq tacked on 23.58 points, or 1.05 percent.
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