Daily Forex Trading Commentary - Wednesday 5th February 2014

GBP/USD - Double Price Action Pin Bar From Key Support

The market did push lower today following the price action pin bar that formed yesterday but gave up most of its losses into the close. This has formed a double pin bar at key support and we now see a high potential for this market to retest key resistance up near 1.6600 now. If price doesn't get traction off of this pin bar we could see bigger sell off, but this is definitely the less likely scenario.

This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.

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Tags: commentary, forex, gbp/usd, gbpusd, market, trading

Comment by George Sofianos on February 6, 2014 at 1:12am

Yes, it seems like false breakout, stochastics in daily also oversold, but we need one more day to confirm.

Comment by talisman on February 6, 2014 at 4:54am

that makes good sense. no doubt its a zone of interest.  your previous short recommendation was bang on.  personally im leaning towards a continuation down on a break of around 16250 since the last little swing failed to make a new high, but your thoughts are equally valid. good luck.

Comment by Lewis Barber on February 6, 2014 at 9:37am

I guess it will come down to the market reaction to all the US data over the next couple of days unemployment claims today and NFP tomorrow, it's going to be a volatile couple of days!

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