Potential Near Market Short Opportunity on GBP/USD Pullback

OANDA:GBPUSD   Britisches Pfund / US-Dollar
63 0
The GBP/USD is approaching a Fibonacci and structure confluence zone which may result in the end of the current retracement. I will be looking to enter short once RSI confirms the end of the retracement and looking for targets at a 127.2% extension. This results in a positive risk-reward scenario with stops at 1.4070. The green zone indicates profit targets and at that zone, there is both a Fibonacci level and an AB=CD pattern completion. The profit zone is also near previous structure resistance . Stops are placed in the red zone above the previous outside return as the trend will be violated if the price reaches that zone.

Risk: 155 pips
Reward: 240 pips
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