GBPUSD PAIR IS TRADING NEAR IT'S ALL TIME LOW PRICE. AFTER CREATING IT'S ALL TIME LOW AT 1.1410 PAIR BOUNCED UP FOR MORE THAN 500 PIPS IN VERY SHORT TIME.
PAIR'S COUNTER TREND BOUNCE STOP UNDER 1.1880 AND CREATED DOUBLE TOP FORMATION AT THAT LEVEL. WHICH SUGGESTS THAT PAIR IS LIKELY TO CONTINUE IT'S BEARISH MOVE. NOW PAIR IS TRADING BETWEEN 1.1750 TO 1.1800 LEVEL. 1.1750 LEVEL WHICH WAS SUPPORT YESTERDAY IS NOW ACTING LIKE STRONG RESISTANCE. SO WE CAN LOOK TO SHORT AT MARKET WITH FOLLOWING PRICE LEVELS.
SELL ENTRY: 1.1750 (AT MARKET)
STOP LOSS: 1.2005
TARGET: 1.1480 (RETEST OF MOST RECENT SUPPORT)
CONSERVATIVE TRADERS CAN WAIT FOR BREAK AND RETEST OF RECENT STRUCTURE (AT 1.1700) ON M-15 CHART WHERE PAIR HAS FORMED TRIPLE TOP FORMATION.
PAIR'S COUNTER TREND BOUNCE STOP UNDER 1.1880 AND CREATED DOUBLE TOP FORMATION AT THAT LEVEL. WHICH SUGGESTS THAT PAIR IS LIKELY TO CONTINUE IT'S BEARISH MOVE. NOW PAIR IS TRADING BETWEEN 1.1750 TO 1.1800 LEVEL. 1.1750 LEVEL WHICH WAS SUPPORT YESTERDAY IS NOW ACTING LIKE STRONG RESISTANCE. SO WE CAN LOOK TO SHORT AT MARKET WITH FOLLOWING PRICE LEVELS.
SELL ENTRY: 1.1750 (AT MARKET)
STOP LOSS: 1.2005
TARGET: 1.1480 (RETEST OF MOST RECENT SUPPORT)
CONSERVATIVE TRADERS CAN WAIT FOR BREAK AND RETEST OF RECENT STRUCTURE (AT 1.1700) ON M-15 CHART WHERE PAIR HAS FORMED TRIPLE TOP FORMATION.