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GBPUSD – Sterling/dollar inside bar pin bar combo signal
The GBPUSD daily chart has shown obvious strength over the last month, moving back up through 1.2335 and then holding above that level on subsequent re-tests. Over the last few weeks, the daily chart has remained buoyant and shown resiliency after each attempt by bears to move prices lower. The daily time-frame chart now shows an inside bar pin bar combo signal (an inside bar pattern where the inside bar is also a pin) and it’s now logical to assume price could break higher from this pattern, perhaps significantly so. At current levels, a trade entry on the long side could yield a 2 to 1 risk reward, potentially higher if the market follows through to the upside, with resistance not seen until 1.2850 area. As always, trade at your own risk.
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