7pasos

Potential reversal GBPUSD Daily

Short
FX:GBPUSD   British Pound / U.S. Dollar
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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.