GBPUSD approaching major resistance, prepare to sell
Sell below 1.3053. Stop loss at 1.3120. Take profit at 1.2913.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3053 (Multiple Fibonacci extensions, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.2913 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 93% where we expect a corresponding drop from.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.3053 (Multiple Fibonacci extensions, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.2913 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 93% where we expect a corresponding drop from.