GBPUSD (Cable) Short Trade *Trend Reversal*
Double top formed @ 1.31500 last week.
Bullish trendline broken.
1hr lower lows now made.
Price is now below the 1hr 50ema and it looks like we might see the 50 cross below the 200 this week.
I am looking to short this pair down through the next price support zones. Some nice R:R to be made if it continues to sell off.
Important! There is the UK GDP data later this week which will naturally caused increased volatility on this pair.
Bullish trendline broken.
1hr lower lows now made.
Price is now below the 1hr 50ema and it looks like we might see the 50 cross below the 200 this week.
I am looking to short this pair down through the next price support zones. Some nice R:R to be made if it continues to sell off.
Important! There is the UK GDP data later this week which will naturally caused increased volatility on this pair.
Trade active:
Wait for the 1hr candle to close below the daily pivot and 50EMA level as shown on the chart :)
Comment:
2 nice big bearish momentum candle closures. Next up is the 1.30 price support zone, if that breaks then look for the tp1 and tp2 targets shown on the chart.
Trade closed: stop reached:
Unfortunately price became choppy instead of the bearish momentum continuing. Stop loss order was hit on this one.
