MEX_Exchange
Short

GBPUSD Approaching Resistance, Sell On Strength!

OANDA:GBPUSD   British Pound / U.S. Dollar
Sell below 1.3616. Stop loss at 1.3743. Take profit at 1.3314.

Reason for the trading strategy:
Price is approaching our first resistance at 1.3616 (horizontal swing high resistance). We expect a strong reaction to occur below this level, pushing price down to our major support at 1.3314 (horizontal overlap support, 38.2% Fibonacci retracement ). A breakout below our intermediate support at 1.3469 (horizontal overlap support, 38.2% Fibonacci retracement ) will provide the bearish acceleration to our take profit level. Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.

RSI (34) is also seeing a bearish exit and we can expect a corresponding drop in price.
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