GBPUSD under heavy downside pressure, remain bearish
Intro: GBPUSD is facing strong downside pressure, good to watch out for selling opportunities.
Sell below 1.4064. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
We are seeing heavy downside pressure on GBPUSD with its descending resistance line. We remain bearish below 1.4064 resistance (Fibonacci retracement, horizontal swing high resistance, descending resistance) for a further push down to 1.3639 support (Fibonacci retracement, Fibonacci extension, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.
Sell below 1.4064. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
We are seeing heavy downside pressure on GBPUSD with its descending resistance line. We remain bearish below 1.4064 resistance (Fibonacci retracement, horizontal swing high resistance, descending resistance) for a further push down to 1.3639 support (Fibonacci retracement, Fibonacci extension, horizontal pullback support).
Stochastic (34,5,3) is seeing major resistance below 94% where a corresponding reaction could occur.