Dear traders,

Last week I shared with you my analysis on GBPUSD.

I was expecting to see either a rejection or a confirmation of the resistance level below:

Initially, there was a confirmation and I decided to stay with the trade.

But on the following day, there was a pin bar as you can see from the screenshot above.

This boded negatively for the bulls and I decided to cut half of my existing position.

On the following “red” day I eliminated the other half just above the resistance level.

All in all that was a very decent trade which I managed to exit on time.

EURGBP Trading Analysis

Today, I am looking at the EURGBP pair.

It has been a while since I last covered this pair.

It looks like there is a chance that we could see a continuation of the uptrend.

There is an inside day on the daily chart as indicated on the screenshot.

This usually bodes for a continuation of the prevailing trend.

I will be waiting to see how the price will open.

There is a chance that we see the price going lower first before going higher.

That is why it is important for me (as the majority of my students know) to see a confirmation from price on the lower timeframe, too.

There are two possible levels that price might reach (if 4H confirms a continuation):

  1. 0.9150
  2. 0.9500

Depending on price action, these are two of the major resistance levels ahead.

Happy trading,

Colibri Trader

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