welcome to another free trade-plan.
Important: This is meant to be a preparation for you. As always we will have to wait for a confirmation.
Waiting for break below purple line (Support).
Market Sell: 1,24455
Target 1: 1,24000
Target 2: 1,23590
Target 3: 1,23060
Stop-Loss: 58 pips
For now, we don't know whether this will be False Breakout or not, but based on other GBP pairs I think it is. If the price will break back below with strong confirmation candle, we would join the movement!
We can see that GBPUSD has formed a double top and price has broken the neckline of the M formation, now price has retested the neckline so I will only be looking for short trades targeting next S/R zones as illustrated in the chart.
Previously, I took a short trade when price retraced back to the 0.618 level (also my favourite retracement level),...
The pound has reached a resistance line (the average line is moving 100) and it may respond to declines especially that we have not yet departed from the downtrend.
The RSI + Stochastic fully supports the Bear Model theory.