GBPUSD - H1 Short on possible Double Top

Possible Double Top if price retraces back to sell area. Swing Trade, be prepare to hold on to position for several days to 2-3 weeks.

Daily and H4 shows established downtrend towards area of retested price, 1.303 range. (Multiple retests make the support level weak)

Good structure and proven supply zone.

Large profit zone offered, good Risk:Reward

For aggressive trader, can sell short in the sell area marked (1.3303-1.3359), else wait for confirmation when price enters the sell area and trade according to your trade plan. Can consider using RSI divergence as one of the confirmation signal.

Entry: 1.3303 - 1.3359
Stop: 1.3387
T1: 1.3230 (suggest to shift stop loss to entry price after taking T1)
T2: 1.3114
T3: 1.2977

May all of your trades be green and achieve all your financial goals!

Trade active:

Price couldnt reach the sell zone fall sharply to my intended T2. However the sell zone is still valid, I will continue to take this trade if price retraces back to sell zone and still offers good profit of at least 1:2 Risk to Reward, otherwise abort this trade.

Comment:

Price gap into the sell zone and activated trade plan. For those who took this trade:

Stop: 1.3387
T1: 1.32744
T2: 1.32262
T3: 1.31296

Trade active:

T1 hit, shift stop loss to entry to attain risk free trade (#RFT)

Trade closed: target reached:

Trade closed, hit TP2.

Notice how price bounce off so strongly from TP2 level.