GBPUSD Reversed Nicely Off Resistance, Prepare For A Reversal!
Sell below 1.3266.
Stop loss 1.3324.
Take profit at 1.3149.
Reason for the trading strategy (technically):
GBPUSD has reversed nicely off its resistance at 1.3266 (100% Fibonacci extension x2, 50% & 78.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a further drop to its support at 1.3149 (100% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is epected. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stop loss 1.3324.
Take profit at 1.3149.
Reason for the trading strategy (technically):
GBPUSD has reversed nicely off its resistance at 1.3266 (100% Fibonacci extension x2, 50% & 78.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a further drop to its support at 1.3149 (100% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is epected. We have also identified a bearish divergence with price which contributes to our bearish bias.