Confluences for Trade: - Bearish candle formations - Stochastic Overbought momentum - Breaking S/T Trendline & Currently at Resistance of M/T Trendline (since April 2018) - Fundamentally, Brexit uncertainty still remains in EU-UK negotiations; and even within UK government themselves.
Suggested Trade: Entry @ Area of Interest 1.3020 - 1.3080 SL: 1.3162 TP: 1.2802 RR: Approx. 1.73 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
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Comment
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Strong bearish engulfing candle supports the downward movement.
Interesting long term analysis GBPUSD! We went for a shorter term view on our analysis and have identified key resistance and support levels. Currently, prices are approaching our first support at 1.294 which is made up of a horizontal swing low support, 23.6% Fibonacci retracement and a 61.8% Fibonacci extension. RSI is approaching the ascending support line where we might see a corresponding bounce in price. If a potential bounce does occur, we might want to look at 1.309 resistance level which consists of a horizontal swing high resistance, 100% Fibonacci extension and a 78.6% Fibonacci retracement. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.
@easyMarkets, yea agree.. that's why our Area of Interest to short it would be at around the 1.3020 - 1.3080, expecting some resistance at that level. Any break above that invalidates our idea therefore, the stop loss. :D
Please have a look at our idea and we would like to hear your thoughts.