Dear GBP/USD Price Action Traders

The price action signal from yesterday still hasn’t developed properly. The DAX price action trading idea from yesterday ended up in a doji candle. That is a sign of hesitance. But considering the uptrend, the more likely direction to go is up… but unfortunately, I don’t like to bet on randomness… I still don’t think there is a reason to exit your long trades if you are in one. That is why I am not going to close my long DAX positions.

Today’s price action signal is coming from GBP/USD. There is exactly the same daily candle as the one on the DAX market. I still like this hesitance better than the DAX one. The price is standing just above a small support level– which is a positive sign. Therefore, I would be looking to buy GBP/USD tomorrow. My long entry would be at the level of 1.5625. The stop for this trade would be just under 1.5570. The first target is the level of 1.5850. 

Happy Trading,

Colibri Trader

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