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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
GBPUSD – Selling Bearish Pin Bar On Break Below 1.2495 Level – July 12th, 2019
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.
Price Action: Pin Bar forms overnight after False Break out from an Inside Bar. There is now potential for a Bearish Fakey to activate if prices break back down. A bearish Pin Bar that formed 2 weeks ago activated a strong move lower (now event area resistance).
Current Notes: The short term bias remains bearish whilst prices remain below the 1.2780 to 1.2970 resistance area.
Potential Trade Idea: We will consider selling if the current Pin Bar Setup breaks back down below the low at 1.2495, targeting a deeper rotation back towards the old 1.2430 to 1.2500 support area or potentially lower if those levels fail.
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