Forex Price Action | GBPUSD +6 pips 2016-04-20

EGBPUSD +6 pips 2016-04-20 | Counter Trend Trade

This is a counter trend trade on GBPUSD. 1 min boxes over 23 pips away from the 5 min bandshade at 4309. Note the deep orange of the time frame below the five minute support. This, together with the larger than normal distance back to the 1 minute boxes suggests that price is considerably over extended. With further support levels, at 4303 and below figure at 4297, there is also a second line of defence for the level. In fact the 5 min level holds well and +6 pips are quickly scalped.

If you are interested you can learn more about trading forex price action using the forex TimeLanes trading software here.

Previous recording Forex Price Action | EURJPY +6 pips 2016-04-13

Forex Price Action | GBPUSD +6 pips 2016-04-20 was originally published on 24HR Forex Trade Room

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