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MEX_Exchange

GBPUSD dropping nicely from our selling area, remain bearish

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
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade forex forextrading
Sell below 1.2956. Stop loss at 1.2994. Take profit at 1.2837.
Reason for the trading strategy (technically):
Price has reacted nicely off our selling area yesterday. We remain bearish below major resistance at 1.2956 (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 (55,5,3) is dropping nicely from our resistance with good downside potential.
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