PENDING SHORT GBP/USD in high 1.69XX/1.7000 Region
Wait for price to hit the trend line for a possible short. Depending on when it gets hit, price may or may not be in the high 1.69XX/1.7000 region. However, I suspect the 1.7000 handle will act as a magnet, both for bulls to take profit and for bears to enter.
Considering this is a big level, they may overshoot and run stops above the 1.7000 level, so I wouldn't be surprised if price moved up to 1.71/72 region, so set your stop loss accordingly.
Target 1: 1.68 region (currently resistance but once price breaks above, this might become support)
Target 2: 1.66 region (current support on this upswing)
Target 3: 1.625 region (long term resistance turned support)
I have no idea when price will hit these levels, so it could be days, if not weeks before this trade is executed. However, when it does get executed, price should fall fairly fast due to the confluence in the high 1.69XX/1.7000 region.
PS: I was scalping longs between 1.66 and 1.675 for the past 2 weeks but currently do not have a long position. I will make another post regarding a possible long trade if price retraces to support.
Considering this is a big level, they may overshoot and run stops above the 1.7000 level, so I wouldn't be surprised if price moved up to 1.71/72 region, so set your stop loss accordingly.
Target 1: 1.68 region (currently resistance but once price breaks above, this might become support)
Target 2: 1.66 region (current support on this upswing)
Target 3: 1.625 region (long term resistance turned support)
I have no idea when price will hit these levels, so it could be days, if not weeks before this trade is executed. However, when it does get executed, price should fall fairly fast due to the confluence in the high 1.69XX/1.7000 region.
PS: I was scalping longs between 1.66 and 1.675 for the past 2 weeks but currently do not have a long position. I will make another post regarding a possible long trade if price retraces to support.