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MEX_Exchange
Nov 27, 2017 2:44 AM

GBPUSD testing major resistance, time to start selling Short

British Pound/U.S. DollarFXCM

Description

Sell below 1.3340. Stop loss at 1.3467. Take profit at 1.3050.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.3340 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect to see a major drop from here towards 1.3050 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) also sees major resistance at 96% and there’s bearish divergence signalling that a reversal is impending.
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