GBPUSD has caught many price action trader’s attention early this week after a counter trend movement was terminated by a mean looking bearish rejection candle. This chart has recently broken down under a support level which was containing price from moving lower the last few weeks.
Now the level has been breached, it was re-tested from the other end and held as new resistance, dropping a ‘thick bodied’ bearish rejection candle.
If this setup plays out this session, we could see the continuation of the dominant downtrend.
jeff yap
the gbpusd lie us after form a rejection candle , i think this is because the news announce on wed , not announce on tue.
Replying to: jeff yap
Dale WoodsAuthor
Yes, the news can cause ‘noise’ that works against us – but this is out of our control. Generally the news will sync up nicely with priec action signals, so I generally ignore what’s going on the economic calendar.
Robert McKirdy
Great shout guys, I’m only doing a demo account but great confidence booster, cheers