gbpusd rejection of resistance

GBPUSD has caught many price action trader’s attention early this week after a counter trend movement was terminated by a mean looking bearish rejection candle. This chart has recently broken down under a support level which was containing price from moving lower the last few weeks.

Now the level has been breached, it was re-tested from the other end and held as new resistance, dropping a ‘thick bodied’ bearish rejection candle.

If this setup plays out this session, we could see the continuation of the dominant downtrend.

 

3 Comments...


  1. default avatar

    jeff yap

    the gbpusd lie us after form a rejection candle , i think this is because the news announce on wed , not announce on tue.

    1. Replying to: jeff yap

      default avatar

  2. default avatar

    Robert McKirdy

    Great shout guys, I’m only doing a demo account but great confidence booster, cheers

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