05-NOVEMBER-2014

GBP/USD has been in a strong down trend since mid July, but today we have reached an important level.

A nice long tailed pin bar has formed here today right on the key level around 1.5888

We can say that a pin bar forming here has confluence with the key level. There was strong buying last time it reached this level on the 15th October and again todays pin bar shows us that there is strong buying at this level again today.
Entry could be taken at the break of the pin bar high around 1.6025 with a stop placed below the low of todays candle. Initial target around 1.6180 would give a little over a 1:1 risk/reward.

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GBP/USD Daily chart

 

Good luck with your trading.