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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.

gbpusd

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2 Comments

  1. Emmanuel Udom says:

    Hi sir, i have a different opinion on EURUSD.
    I see it as a Sell (Bearish)trade.

    I will rather Sell at 1.12003 and exit at 1.07925 (for 400 pips profit).
    That is what my pattern tells me.

    Note this, as i will get back to you when i pick my profit.

    Thanks for share your idea with us. You are great.

  2. Hasan binSalman says:

    Thank you.

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