GBPUSD - Gearing up to break Major Support.

GBPUSD made a very strong bearish move and tested a major support level, but the pull back is not strong enough as compared to the previous couple of times same level was tested, which can mean a trend continuation is most likely. A bearish flag pattern without any bullish divergence on the RSI is also a strong indication that if the support is broken it will continue the bearish trend. Entry can be taken at the breakout of the flag pole which is also the major support level, stop loss at the previous Lower high and Take profit at 1:1 Risk Reward is recommended.

Order storniert:

Major Support not broken and price moved upward, trading plan is cancelled.