GBPUSD approaching major resistance, remain bearish
Sell below 1.3170. Stop loss at 1.3257. Take profit at 1.2820.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3170 (Fibonacci extension, long term swing high resistance) and we expect to see a reaction off that level for a drop to at least 1.2820 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect to see a drop from here.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3170 (Fibonacci extension, long term swing high resistance) and we expect to see a reaction off that level for a drop to at least 1.2820 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect to see a drop from here.