GBPUSD Short
GBPUSD Short Setup.
Trendlne 1 Broken. Trendline 2 Tested and in my opinion will be broken due to the bears being in control.
Confluences:
1) EMA Cross Over
2) Bearish Movement
3) Descending Trendline Respected
4) Previous Ascending Trendline broken.
5) Support Broken and Pair is trading below psychological level 1.245.
If this 4H Close closes below resistance. I will open this trade. Target - Trendline 3 which marries up with the 76.8 FIB level where i believe we will see rejection and the price will reverse to the upside.
Trendlne 1 Broken. Trendline 2 Tested and in my opinion will be broken due to the bears being in control.
Confluences:
1) EMA Cross Over
2) Bearish Movement
3) Descending Trendline Respected
4) Previous Ascending Trendline broken.
5) Support Broken and Pair is trading below psychological level 1.245.
If this 4H Close closes below resistance. I will open this trade. Target - Trendline 3 which marries up with the 76.8 FIB level where i believe we will see rejection and the price will reverse to the upside.
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