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GBP USD Forecast

GBPUSD bears putting the pressure on a key support level

gbpusd bearish price action on support

Recently we’ve seen the GBPUSD fall into consolidation and become a sideways market after climbing above a support level. We’re now starting to see some aggressive bearish price action coming off the range top, where a bearish rejection candle formed. The rejection candle did see a nice sell off and now the market is testing the range floor.

Last session the bulls did try to lift off the range support, but the move into higher prices was rejected later on in the New York session. The rejection left quite a large upper tail on the daily candle communicating the scope of the bearish pressure. With such determination, it’s likely the support level won’t hold and we will see the support level break.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.