7pasos
Short

Potential reversal GBPUSD Daily

FX:GBPUSD   British Pound/U.S. Dollar
309 3 0
The confluence of an old tren line with the actual 38.2% fib retracement and a phantom resistance generates a zone of resistance in the price that culd be usefull to the bears.
If a nice reversal pattern appears below this zone, the down side movement could lead to persuit the support zone at 1.5362 - 1.5264 (this last is weekly support).
As allways there are problems, the most evident is the 1.5520 level (78.6% retracement of the full rally ended at 1.6377 hihg from the weekly support). but if the price gets 1.5520 also a long time up trend line must be broken.
A way to turn arrownd this problems (the uptrend line and the 78.6 fibo level) could be try to sell as high as possible, with a SL near (above) 1.5912 and as soon as the price gets near the the 1.5673 move down the sl level to place it at break even.
7pasos PRO
3 years ago
The break below the 1.5673 minimum seems to improve the possibilities to a elongated down side move, but the GBPUSD remain reluctant to start such move
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7pasos PRO
3 years ago
You should put your stop loss at break even if you were following this trade, the pullback could appear any time as we are near of the 1.5520 (78.6% fib retracement), but every thing good as far as now
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7pasos PRO
3 years ago
Well the last push was helped by the BoE minutes, good!
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