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May 24, 2021 8:01 PM

Possible low risk entry for cable short - GBP/USD Short

British Pound/U.S. DollarFXCM

Description

We have a possible double top on cable. We are wedging up on the lower timeframes, price may be being capped currently by the bearish 1h 0.382 fib line.

We can wait for a break and retest of the structure to add to the position if price action confirms our thesis, but a good opportunity presents to establish an initial small position at low risk entry point using a tight s/l above the wedge structure.
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