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GBP/USD Price Action

Posted on Jun 25th, 2015

by colibritrader

Dear Price Action Traders

The price action signal from last time was a long DAX. It has (and still is) playing out quite well. Today’s candle is a pin bar-like and but I believe that more buyers will join in the sessions to come. I have added a small long intraday position yesterday. For now, the level of 12,000 seems very reachable. I believe that this could happen in the next week or so.

For today, I am looking at the GBP/USD. I believe that the uptrend is going to be continued. The bullish rejection that has formed yesterday is giving green light to the short-sellers. It has formed just above the support area at 1.5700. Today’s candle is a small bullish engulfing and I will be looking to go long. My long entry would be at the level of 1.5740. The stop of this trade should be placed just below the level of 1.5650. The first target is the level of 1.5900 and then 1.6000. From then on it all comes down to price action.

Happy Trading,

Colibri Trader

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