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MEX_Exchange

GBPUSD approaching major resistance, remain bearish

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis Forex forextrading
5
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trendanalysis harmonicpatterns chartpattern gbpusd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis forex forextrading
Sell below 1.3170. Stop loss at 1.3257. Take profit at 1.2820.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3170 (Fibonacci extension, long term swing high resistance) and we expect to see a reaction off that level for a drop to at least 1.2820 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect to see a drop from here.
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