The ForexGuy's  Instablog

The ForexGuy
Send Message
I have been involved with Forex trading for about 6 years now and after being disappointed with mainstream indicators I discovered price action trading relatively early in my career. Since then I have made price action the focus of my Forex trading, embracing it with a passion. I don't like... More
My company:
The Forex Guy
My blog:
The Forex Guy
  • GBPUSD Bears Putting Heavy Pressure On Key Support 0 comments
    Mar 13, 2014 7:16 PM

    (click to enlarge)gbpusd rejection candle on support

    Recently we've seen the GBPUSD fall into consolidation and become a sideways market after climbing above a support level. We're now starting to see some aggressive bearish price action coming off the range top, where a bearish rejection candle formed. The rejection candle did see a nice sell off and now the market is testing the range floor.

    Last session the bulls did try to lift off the range support, but the move into higher prices was rejected later on in the New York session. The rejection left quite a large upper tail on the daily candle communicating the scope of the bearish pressure. With such determination, it's likely the support level won't hold and we will see the support level break.

Back To The ForexGuy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.