MMQ_FX

GBPUSD - To Revisit June Lows?

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
Lots of confluence pointing toward a decline on GBPUSD here.

Here we see the rejection of the identified resistance area , in line with the downward trendline. Price is holding well under the 200 EMA also. Price action on the last hourly candle also infers a reversal.

I don't really like this pair due to both GBP and USD being two dominant currencies - I find the fundamentals hard to predict! But here I think the technicals line up nicely for a sell off.

Stop loss can be placed above resistance at around 1.39400. I'll set TP at the 1.38000 psychological level. Nice R:R, let's see how it plays out! Let's watch out for 1.38800-600 though as this could be an area of struggle.

Comments

hi thank you for your correct prediction
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MMQ_FX shahin83
@shahin83, you are welcome!
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1.38 maybe not today ryt?
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MMQ_FX Ferdiantrader
@Ferdiantrader, today I think!
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