As you can see price got rejected by the top resistance zone between 1.2200 and 1.2300 I would short sell at 1.1920 and take profit at 1.1000 this would give you a 1:3 risk to reward
This is long term setup
could see a re test to 1.390 then get rejected if so then next support would then be at 1.388
if 1.388 can not hold support then the next support would then be at 1.385
stop loss set at 1.392 risk to reward = 1.92
first profit would be taken just before hitting this level at 1.386
if we bounce off this level price will likely retest previous support at 1.388...
As u can see UK 100 is in a uptrend this looks like it is now exhausted and looking to reverse back down.
we have been in a rising wedge from 17 march and looking to complete on 3 may where we could see a potential short position play out target is on chart
As you can see bulls tried to get above bearish trendline and failed and tried once more before bulls gave up.
because of this the bears are now forming a triangle patten and looking to bring price down more if daily bullish trendline is broken target for sellers is $1604
stop loss at $1847