TheSupportResistanceTrader
Short

Shorting GBPUSD at structure, fib cluster and "Broken fang"

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
The GBPUSD             has multiple times bounced from the purple boxes but is now ready for a second retest. We look to short it when it comes back into the 1.537s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We can also see that we are currently retesting the blue trendline which hopefully holds and help us reach our target. The third confluence at this area are the 3 fibonacci levels coming together here. The .5 from the big move, the .764 from the smaller leg and a 1.127 fib inversion!

Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at least 1.53100. Moving my stops to breakeven when price hits 2/3 of profit.

We can also see that we are currently in a bigger downtrend if we zoom out (red arrow).

Good luck everyone and as usual, hold your thumbs!
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