GBPUSD High Probability Sell Setup

FX:GBPUSD   British Pound / U.S. Dollar
If price breaks the lower trendline of the triangle, it will offer us a high probability short setup. A RSI divergence is a good sign that this breakout is about to happen.

Stoploss and profit targets as shown at the chart. If price reaches the first target we move stoploss at the second one to breakeven.

Trade active: Most likely price will make a little correction before going down..
Trade closed: target reached: We now move stoploss to breakeven at second position
Trade closed: target reached: Very nice result to this setup.. Both targets reached with second position giving us a very nice 2.8:1 r/r
Nice trade! Update if you take also the pullback! (if there is)
Thank you.. Price is now correcting.. We will soon see another impulsive down move and most likely we will hit first target.. I will update..
Piet.Hein Fxprotrader
Yes, I do agree, specially with this weakness in gbp, almost against all majors: eur, usd, jpy. I was waiting GBPUSD gets 1.53-1.535 to sell again, now looks like Im going to wait forever! On the long term I believe it will reach 1.45
retest trend line
There is a good chance that it will restest that trendline.. But i am in at the moment.. Waiting for pullback is giving you a better r'r ratio setup. In the chart as you can see i have a 2.8:1 which is just fine..
Rayge Fxprotrader
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