GBPUSD on pullback resistance, time to start selling
Sell below 1.3154. Stop loss at 1.3191. Take profit at 1.3058.
Reason for the trading strategy (technically):
Price has broken a long term ascending support-turned-resistance line and we’re expecting to see a nice drop from here. We look to sell below 1.3154 resistance (Fibonacci retracement, pullback resistance) for a further push down to at least 1.3058 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has broken our ascending support line and is now expecting further bearish movement.
Reason for the trading strategy (technically):
Price has broken a long term ascending support-turned-resistance line and we’re expecting to see a nice drop from here. We look to sell below 1.3154 resistance (Fibonacci retracement, pullback resistance) for a further push down to at least 1.3058 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,5,3) has broken our ascending support line and is now expecting further bearish movement.