AdamWiIson

GBPUSD: Short Entry targeted.

Short
FX:GBPUSD   British Pound / U.S. Dollar
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4
We've seen an ascending bullish channel broke heavily which has saw bearish movement within cable on the 4H, I am anticipating a retracement back into the 0.618 level where I like to do my buying/selling. The bearish breaker highlighted with the grey rectangle has acted as a key resistance and now support and so this is very good confluence for my potential short.

Stop is at the 0.79 level, although I usually TP at the 0.236 level for 2R I've noticed a nice descending support that has saw new lower lows on 3 occasions, this is where my TP will be in this case, however I'll be trimming some profits at the 0.236 as I always do this.

Sell limit is in and we will see how this plays out.