Trader_97
Short

POUND/DOLLAR NEARING RESISTANCE .... CHANCES OF TOP FORMATION

FX:GBPUSD   British Pound/U.S. Dollar
97 0 0
After some explosive movement towards the upside Pound has reached the 0.618% retracement level. Here are a couple of reasons why I'm considering going short here.The Bearish T.C from November 2nd is intact.Despite the fact that bulls seem to be under control.We got multiple rejections under the 0.618% Fib level on H4 time frame and we are pretty close to T.L resistance which has remained intact since November 2015 and tested twice since.Prices pulled back under the 100 day SMA . The only way I see this invalidating is if we breakout of the channel and move higher after retesting the resistance turned support area instead of completing a top formation here.Most of the event risks are out of the window now after ECB conference and NFP data came out.The risk I see here is that we do have a bullish close on the weekly time frame.
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