Over the weekend we looked at the GBPUSD and how prices have held below the 1.2775 area on a daily closing basis since dropping below it on June 9th. But until yesterday’s session there hadn’t been a valid sell signal.
Buyers kicked off the new week with a 60 pip rally but quickly lost their grip after reaching a session high of 1.2813.
The sudden shift in direction carved out a bearish engulfing pattern on the daily time frame.
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