GBPUSD Testing Resistance, Prepare For Reversal
Sell below 1.3033.
Stop loss at 1.3097.
Take profit at 1.2924.
Reason for the trading strategy (technically):
GBPUSD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.
Stop loss at 1.3097.
Take profit at 1.2924.
Reason for the trading strategy (technically):
GBPUSD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.