MichaelShannon

GU Short Fib Extension Setup

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
Coming off the back off an extended period of bullish gains for the pound, it looks like momentum has reversed. The UKX has fallen 200 points today and expected covid-19 lock down extension announcement tomorrow should add pressure to the pound.

Today's price retraced to the 61.8 level and has since rejected the uptrend support line and then resisted the 1.25304 resistance level .

I've entered short on the candle close below this level.

SL set a few points above the previous swing high.
TP1 at the 1.0 extension
TP2 at the 1.618 extension