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MEX_Exchange

GBPUSD testing major resistance, prepare to sell

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade Forex forextrading
10
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade forex forextrading
Sell below 1.2938. Stop loss at 1.2994. Take profit at 1.2837.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2938 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 93% and we expect a corresponding reaction off that level similar to the one we’re expecting on price.
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