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.
Comments
7pasos
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Well the last push was helped by the BoE minutes, good!
7pasos
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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
7pasos
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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