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MEX_Exchange
Aug 4, 2017 1:45 AM

GBPUSD on pullback resistance, time to start selling Short

British Pound/U.S. DollarFXCM

Description

Sell below 1.3154. Stop loss at 1.3191. Take profit at 1.3058.
Reason for the trading strategy (technically):
Price has broken a long term ascending support-turned-resistance line and we’re expecting to see a nice drop from here. We look to sell below 1.3154 resistance (Fibonacci retracement, pullback resistance) for a further push down to at least 1.3058 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has broken our ascending support line and is now expecting further bearish movement.
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