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MEX_Exchange

GBPUSD testing major resistance, remain bearish for a correction

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 gbpusdidea gbpusdanalysis
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1
trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis
Sell below 1.3452. Stop loss at 1.3529. Take profit at 1.3229.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.3452 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect a corrective drop from here to at least 1.3229 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance below 96% and bearish divergence vs price signals that a reversal is impending.
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