Inside Bar Pattern On GBP/USD Chart Suggests Higher Prices – 30th November 2016

Inside Bar Pattern On GBP/USD Chart Suggests Higher Prices – 30th November 2016

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GBPUSD – Inside Bar Pin Bar Combo on Sterling/dollar Could Lead to Higher Prices

The GBPUSD has shown obvious strength on the daily chart over the last month, pushing 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 sellers to push prices lower. On the daily time-frame chart, we can now see an inside pin bar combo signal (an inside bar pattern where the inside bar is also a pin) and it’s logical to assume price could move higher from this pattern, perhaps significantly so. 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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