GBPUSD continues to drop nicely, remain bearish
Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has continued to drop nicely since our double top reversal. We remain bearish as we can see an intermediate resistance line holding price down really well. We look to sell on strength below 1.3991 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.3639 support (Fibonacci extension, horizontal swing low support, double top exit potential).
RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line previously signalling a change in momentum.
Reason for the trading strategy (technically):
Price has continued to drop nicely since our double top reversal. We remain bearish as we can see an intermediate resistance line holding price down really well. We look to sell on strength below 1.3991 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 1.3639 support (Fibonacci extension, horizontal swing low support, double top exit potential).
RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line previously signalling a change in momentum.