Nice idea on GBPUSD and there may be bearish potential as you have identified. Unfortunately, currently price has went past your stop loss level. We have identified our 1st resistance level at 1.3068 instead. It is a horizontal overlap resistance, with a 100% Fibonacci extension and 50% & 38.2% Fibonacci retracement. Currently price is approaching towards our resistance. Stochastic is approaching its resistance at 97% where a corresponding reversal could occur. If a potential reversal does happen, it could potentially reverse down to its support at 1.2982. It is a horizontal overlap support with a 61.8%% Fibonacci retracement.
Please have a look at our idea and we would like to hear what you think.
Please have a look at our idea and we would like to hear what you think.