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.
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.