GBPUSD close to major resistance, prepare to sell
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has continued to rise nicely to our major resistance area as expected. We prepare to sell on major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.3032 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% where we expect a reaction from.
Reason for the trading strategy (technically):
Price has continued to rise nicely to our major resistance area as expected. We prepare to sell on major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.3032 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% where we expect a reaction from.