Beat The Stock Market

Discover how you can generate an extra source of income in less than 20 minutes a day—even if you have no trading experience or a small starting capital.

Watch the Gbp! (Chart Talk 09-10-13) 

Last Updated: May 14, 2022

By Rayner Teo

Yeah the Gbp! We have a bullish engulfing pattern on the weekly charts. However looking at the daily, we see resistance coming in at 0.8475. Thus if price can break and close above that level, i will look to long on pullback.

The Gbp Chart:


A typical fakeout setup. Notice how price tested the 1.4800 and was rejected. Then it consolidated for 2 candles before retesting it a final time (formation of pinbar). That would have been a signal to get short with stops above 1.4800. Sadly i missed that move.


For those bulls who are about to long Gbpaud at support, i would caution you first. Reason being is that level has been tested 3 times and it’s attempting the forth. Whatever order flow which has been there earlier is probably reduced greatly. Also notice the bearish momentum heading downwards? I would rather wait for a bullish price action instead of going in too aggressively here.


Leave a reply

  • Rayner,
    Thank you for your charts. They are indeed well explained, and easy to understand.

    Yours sincerely

  • {"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}