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underadar
Nov 3, 2016 7:09 PM

GBPUSD Short

FX:GBPUSD240
British Pound/U.S. DollarFXCM

Description

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GBPUSD [Short]

Downtrend as shown in weekly and daily chart.
Price testing blue downtrend resistance line and also tested the 61.8% Fibonacci retracement level, more potential downside ahead. Initiate short when orange support level breaks.

Possible trade:
Entry price: 1.23956
Stop Loss: 1.25000
TP 1: 1.22268
TP 2: 1.21181

Cheers!

Comment

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Price hits the orange support and triggered short order as stated, let's see how things progress from here.

Comment

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Price hit stop loss level due to fluctuations influenced by US election.
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