Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GBPUSD Forms False-Break / Pin Bar Reversal Setup At Support

The GBPUSD pared early session losses today as it closed back above 1.5630 support after moving below that level earlier in the day. Whilst the trend is down, we could see a move higher from this pin bar setup as resistance is not seen until about 1.5830. If the market does push up into that 1.5830 - 1.5870 resistance zone, traders could then watch for price action trading sell signals to trade back in-line with the downtrend.

1360713528-clip-18kb