🔸Hello traders, let's review the 4hour chart for GBPUSD today. Nice pump off the lows recently, however upside capped/limited by heavy overhead resistance near 2700/2720.
🔸Downtrend defined by a sequence of lower highs, 2760, 2740, 2720 in progress, right now I recommend to focus on shorting any rips/rallies towards heavy resistance.
🔸Recommended strategy for GBPUSD bears: short sell rips/rallies near resistance 2700/2720 stop loss fixed 40 pips TP1 + 100 pips TP2 +2000 pips final TP exit at 2500. swing trade setup, time required to hit both targets. good luck traders!
🎁Please hit the like button and 🎁Leave a comment to support our team!
RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.