GBP/USD Pin Bar – Price Action Trading Analysis 11 November 2013

By November 19, 2013Analysis

Chart of the Day: GBP/USD D1

The GBPUSD pair showed a nice pin bar for entry into a long position for those traders that are unafraid of an increase in risk. The reason for the increased risk is that GBPUSD has been in a consolidation phase for the past month and a half, and the entry is right between round number support and swing point resistance. This could be an early breakout signal.

gbpusd-d1-11192013

 

In The News:

USD   7:00PM   Fed Chairman Bernanke speaks
GBP 4:30AM MPC Asset Purchase Facility Votes
GBP 4:30AM MPC Official Bank Rate Votes
USD 8:30AM Core CPI m/m
USD 8:30AM Core Retail Sales m/m
USD 8:30AM Core Retail Sales m/m
USD 10:00AM Existing Home Sales
USD 02:00PM FOMC Meeting Minutes
CAD 04:15PM BOC Gov Poloz Speaks
CNY 8:45PM HSBC Flash Manufacturing PMI

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