The GBPUSD has fired off a huge Pin Bar reversal on the weekly price action chart. This pin bar is a massive candle that is protruding from all other price action like all good pin bars do.
The very best A+ pin bar reversals like the pin bar in this live price action trading video stick right out and away from all other surrounding price action. This pin bar on the GBPUSD is doing just that and rejecting a major weekly resistance level.
As the first zoomed out weekly chart shows; the pin bar is rejecting the major resistance level. This level has been a major level both over the longer term and in recent times. If price does move back higher, this major resistance will be the first level in the way.
If the pin bar can be confirmed and price can move lower the first near term support on the weekly chart comes in around the Very Big Round Number (VBRN) of 1.5000. If price can gain momentum and break the VBRN, the recent swing lows would then look the next logical target on the weekly chart.
The major question for traders if price moves lower would then be how to manage the trade. As we educate members in the members only courses; the best way is to first ensure you have worked out your clear trade management method, then write up your pre-trade plan before entering and finally no matter what happens make sure you follow the plan once in the trade.
GBPUSD Weekly Chart
GBPUSD Weekly Chart
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