GBPUSD Testing Resistance, Prepare For Reversal
Sell below 1.3033.
Stop loss at 1.3097.
Take profit at 1.2924.
Reason for the trading strategy (technically):
GBPUSD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.
Stop loss at 1.3097.
Take profit at 1.2924.
Reason for the trading strategy (technically):
GBPUSD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.