The GBP/USD exploded higher yesterday following the bullish pin bar that we discussed in our market commentary on Tuesday. Today we get a counter-trend bearish pin bar from key resistance so now would probably be a good time to consider taking profit or moving stop-losses to break-even to avoid being caught out by a sell-off. This signal, though, is by no means a sell signal as the trend is still well and truly to the upside.
This pair popped higher over the last 2 days following the bullish pin bar we discussed in our Tuesday market commentary. There is still lots of potential upside in this market and we may see a further move higher next week.
This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.