GBPUSD: Multiple Rejection at Resistance Signal Shorts
GBPUSD broke below 1.26625 key support, reaching 1.24770 where it ended its sell-off starting a pullback to the upside.
It reached previous support 1.26625 where we do have multiple rejections a great sign that the level now acts as resistance.
In addition to that, we definitely had a stop run above 1.26840 level, a signal that most likely smart money have the intention to push the price to lower levels.
Now price is retesting previous support – now resistance 1.26840 level where do additionally have the 0.618 fib retracement of the previous impulse to the down.
Going short at the current level is a nice idea.
Daily Chart
It reached previous support 1.26625 where we do have multiple rejections a great sign that the level now acts as resistance.
In addition to that, we definitely had a stop run above 1.26840 level, a signal that most likely smart money have the intention to push the price to lower levels.
Now price is retesting previous support – now resistance 1.26840 level where do additionally have the 0.618 fib retracement of the previous impulse to the down.
Going short at the current level is a nice idea.
Daily Chart
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