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GBP/USD: Strong Bearish Breakdown
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels. I wrote last Wednesday that the resistance level at 1.4123 was likely to be the day’s pivotal point. However, I was only looking to take a long bias if we had gotten two consecutive hourly closes above that level during the first few hours of today’s London session. This was an excellent call as this level was extremely ... (full story)