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MEX_Exchange

GBPUSD testing major resistance, remain bearish

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
MEX_Exchange  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea forexsignals
76
2
trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea forexsignals

Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has shot up to test our selling area before reversing nicely once more. We remain bearish looking to sell on strength below major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, double top breakout level) for a strong push down to at least 1.3639 support (Fibonacci extension, double top exit potential, horizontal pullback support).
RSI (34) has made a bearish exit from its long term ascending support-turn-resistance line signalling that we should be seeing a change in momentum to bearish on GBPUSD.

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