GBPUSD taking a deep dive after finding Resistance on DAILY.
Analysis from Daily time frame shows the pair going down long term(evident from the previous uptrend which price moved in an upward channel pattern) and after finding Resistance slightly above 1.43000, after forming a Bearish reversal candle(inverse Hammer) and the Bears dominated since, it is evident by strong bearish momentum from 17 April '18.
Ever since, the pair has been making Lower Highs(LH's) and Lower Lows(LL's).
Short signal is derived after GBPUSD found Support between 1.27000 and 1.26700 twice and Resistance between 1.33000 ans 1.32000 thrice. Since the pair is trending DOWN (evident from LL's and LH's) and bullish-bearish reversal candlestick (Spinning top around the Resistance area of 1.33000 and 1.32000) it can be finally derived that the pair is going down (Notice the bearish momentum after finding resistance)
PREDICTION CONCLUSION:
GBUSD:SHORT (LONG TERM)
SL:1.31747 ( High of the previous LH)
TP1:1.27168 (Open of spinning top around Support area)
TP2:1.20000 (Long term TP)
Ever since, the pair has been making Lower Highs(LH's) and Lower Lows(LL's).
Short signal is derived after GBPUSD found Support between 1.27000 and 1.26700 twice and Resistance between 1.33000 ans 1.32000 thrice. Since the pair is trending DOWN (evident from LL's and LH's) and bullish-bearish reversal candlestick (Spinning top around the Resistance area of 1.33000 and 1.32000) it can be finally derived that the pair is going down (Notice the bearish momentum after finding resistance)
PREDICTION CONCLUSION:
GBUSD:SHORT (LONG TERM)
SL:1.31747 ( High of the previous LH)
TP1:1.27168 (Open of spinning top around Support area)
TP2:1.20000 (Long term TP)
Trade active:
You can Sell in a smaller timeframe between 4hr and 15min. Use the above SL and TP.