Cycling downward in a down trend GBP/USD has pulled back into a previous support area, now resistance (at ~1.5250), after breaking below hence retesting old support, and the 20 ema as well as the ascending trend line that it violated in its recent impulsive downward phase. Price found resistance at the 50% retracement too which is in near proximity to the 1.5250 level. Stochastic and RSI indicators are in convergence implying a potential impulsive continuation south for a short entry.
entry - below low of doji bar
stop loss - above high of doji bar
target - most recent low or lower
entry - below low of doji bar
stop loss - above high of doji bar
target - most recent low or lower
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