A medium term shorting opportunity for GBP/USD. Pricehas been rejected at the 1.43455 and 1.43766 level, thus forminga double top. Yesterday's nose dive found support at the 10 SMA (Blue line), however, a look at the Stochastics indicates that this pair is currently overbought and regardless of the economic data to be released shortly, a medium term correction to the downside seems inevitable, at least from a technical point of view.
Also, the previous level of resistance at 1.3657 is yet to be tested after price broke through it. Beware of high volatility in this pair as next month there is the possibility of a rate hike.
Trade 1 (RvR ratio 2:1) Entry: Close below 1.41732 S/L: 1.42771 T/P 1: 1.41225 T/P 2: 1.40534 T/P 3: 1.39654
Trade 2 (RvR ratio 2:1) Entry: Close below 1.39654 S/L: 1.40922 T/P 1: 1.38409 (78.6 % of AD) T/P 2: 1.37117 As always, adjust your stop/loss once in profit after reaching the designated target levels.