💡 GBPUSD: A reversal pattern appears
Updated
GBPUSD sustained a downward trend in its recent session, although the decline was moderated by a recovery towards the session's end. A notable development is the emergence of a bullish pin bar pattern on the daily chart, indicating a weakening of selling pressure. This suggests a potential conclusion to the correction phase and a likelihood of the price resuming its upward momentum, aligning with signals of reversal observed in the preceding session.
Note
GBPUSD as before, you can see that the market fell to the support area around 1.2250, then formed, giving us a descending setup but there is no signal candle to enter an order. After that, a bullish candlestick is formed (arrow), which is also the signal candlestick of the model breaking the failed resistance zone, so you can consider buying with this signal.Note
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.