Trade Idea: GBPUSD Inside Bar Break Down Potential – April 23rd, 2020

Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).

Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.

Trade Idea: GBPUSD Inside Bar Break Down Potential – April 23rd, 2020

GBPUSD – Inside Bar + Small Bearish Tailed Bar (Combo) Has Potential To Break Down.

Trend: Bearish

Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2580. Support: 1.2020 and 1.1400.

Price Action: An Inside Bar + Small Bearish Tailed Bar (combo) forms mid this week.

Current Notes: Price collapsed below 1.2770 and 1.2580 resistance activating a short term bear market recently.

Potential Trade Idea: We will consider looking to sell after a price action sell signal (Inside bar break or Bearish Fakey Signal), at or just below either the 1.2580 or 1.2770 resistance level. Targeting a move back down to 1.2020 and then possibly 1.1400.

NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.

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