The GBPUSD market recently broke a key level after a large bearish rejection candle formed right on support. The rejection candle was covered more in detail in our previous post: Recent Price Action Signals Now the market has broken downwards and produced modest bearish movement from the support breakout event, we’ve started to see the market recover from some of those losses in a countertrend retracement in this weeks trading. This countertrend movement is to be expected, and in fact we need these movements to occur to bring price back to it’s mean value where we can look for trade opportunities. We’ve got our sights lines up on a bearish ‘hot spot’ where an important key level lines up with the mean value. A bearish price action signal printed here on the daily chart would offer a nice low risk/high probability trading opportunity. Keep your eyes pealed. 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. View All Post By Dale Woods Forex News Today: Daily Trading News share Read Next EURGBP struggles around 200 SMA, UK Retail Sales Eyed Aayush Jindal 8 years The GBPUSD market recently broke a key level after a large bearish rejection candle formed right on support. The rejection candle was covered more in detail in our previous post: Recent Price Action Signals Now the market has broken downwards and produced modest bearish movement from the support breakout event, we've started to see the market recover from some of those losses in a countertrend retracement in this weeks trading. This countertrend movement is to be expected, and in fact we need these movements to occur to bring price back to it's mean value where we can look for trade… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
