GBPUSD Approaching Resistance, Prepare For A Reversal
Sell below 1.3075.
Stop loss 1.3179.
Take profit at 1.2934.
Reason for the trading strategy (technically):
GBPUSD is approaching its resistance at 1.3075 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.2934 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.
Stop loss 1.3179.
Take profit at 1.2934.
Reason for the trading strategy (technically):
GBPUSD is approaching its resistance at 1.3075 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.2934 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal is expected.