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Lewis Barber is a professional forex trader with experience across a large variety of markets. Although he focusses primarily on forex trading Lewis also has experience of trading stocks, commodities and indices as well. He believes in adopting simple, straightforward and easy to follow... More
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  • Weekly Forex Trading Commentary - Sunday 1st June 2014 0 comments
    Jun 1, 2014 5:29 PM
    GBP/JPY - Small Price Action Pin Bar at Support Pops Higher, Outside Bar from Last Week Could Play Out From Here

    GBP/JPY did dip back quite far following the outside bar / false-break we discussed at 170.00. Prices actually dipped below the low of the false-break bar so may have stopped traders out if they had buy-limit orders pending still. It's usually sensible to cancel pending orders if the market does not play out in 2-3 days, and this market really too 5-6 days to dip back, so we would not recommend holding the limit order we discussed for this long. That being said, we got a small bullish pin bar on Thursday, which seems to have held into Friday's trade as prices did pip higher. From here we mat see a move back to 172.00 and ultimately 173.00 if prices can pick up some good momentum.

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