I am shorting GBPUSD in the 1.28-1.29 zone because of 4 technical reasons.
1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows)
2. This zone is also an 618 retracement of the impulse move marked as "1 to 2"
3. The RSI/7 will most likely be overbought once it hits this level (now at 78)
4. And last but not least the it marks the "C" point of a potential Cypher giving it Fibonacci confluence with the 618 rtr.
I am not looking for an aggressive sell in the zone but I will watch the price action for a short opportunity.
1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows)
2. This zone is also an 618 retracement of the impulse move marked as "1 to 2"
3. The RSI/7 will most likely be overbought once it hits this level (now at 78)
4. And last but not least the it marks the "C" point of a potential Cypher giving it Fibonacci confluence with the 618 rtr.
I am not looking for an aggressive sell in the zone but I will watch the price action for a short opportunity.
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Missed the entry zone by 30 pips, then went down for a 460 pip move!!! Too bad. Order cancelled