Daily Timeframe shows a downward trend. The Linear Regression line shows a perfect Support and Resistance within which the Price is oscillating.
Right now the price is right above the resistance. There are chances it breaks out from here, or it start following the same trend again.
I predict that that it will fall back down from here which is why I am shorting it.
However, I would suggest to wait for the price to come below the resistance level and that is going to be our confirmation for the shorting GBPUSD
Right now the price is right above the resistance. There are chances it breaks out from here, or it start following the same trend again.
I predict that that it will fall back down from here which is why I am shorting it.
However, I would suggest to wait for the price to come below the resistance level and that is going to be our confirmation for the shorting GBPUSD
Comment:
This trade worked out pretty well. I am closing the trade since we've profited almost 300 pips.