Two days ago GBPUSD formed a narrow body candle at 1.5246 resistance. This bearish candle was followed by a down day and became a pivotal candle as a result. Today price has dipped below Friday’s pivotal candle low suggesting GBPUSD is in a sell the rallies mode in short term. This view is confirmed by the price moving below a rising trend line. Price is now trading at lower 4h Bollinger Bands and could therefore react higher from here. If this corrective move takes place we should look for short trade signals between 1.5190 and 1.5230 with a view of looking to cover the shorts near November 6th low. Targets 1: 1.5130 and target 2: 1.5040.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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