GBPUSD Reversed Off Resistance, Prepare For A Further Drop!
Sell below 1.3293.
Stop loss 1.3357.
Take profit at 1.3120.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.3293 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where price could drop to its support at 1.3120 (100% Fibonacci extension, horizontal swing low support). We do have to be caustious of the intermediate support at 1.3200 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop could occur.
Stop loss 1.3357.
Take profit at 1.3120.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.3293 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where price could drop to its support at 1.3120 (100% Fibonacci extension, horizontal swing low support). We do have to be caustious of the intermediate support at 1.3200 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop could occur.