GBPUSD dropping nicely from resistance, remain bearish
Sell below 1.2741. Stop loss at 1.2764. Take profit at 1.2652.
Reason for the trading strategy (technically):
Price has finally started to drop nicely from our major resistance at 1.2741 (Bearish price action, horizontal resistance, Fibonacci extension) and we expect a further drop from this level to at least 1.2652 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below 96% level and we expect a further drop from this level.
Reason for the trading strategy (technically):
Price has finally started to drop nicely from our major resistance at 1.2741 (Bearish price action, horizontal resistance, Fibonacci extension) and we expect a further drop from this level to at least 1.2652 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing strong resistance below 96% level and we expect a further drop from this level.