GBPUSD: False Breakout and New Trading Plan
The price reached the resistance zone between 1.26000 and 1.26500 levels. You can see how the price moved at these levels in the daily timeframe.
In spite of a breakout in the 1H timeframe, which can be a false breakout as well, the market looks interesting for shorting.
RSI gave a reversal signal in the overbought zone. MACD histogram tells us about the price reversal and a further downside movement.
If the price breaks the local uptrend line, it will be another bearing signal. It will be possible to open new sell trades following the breakout with stop orders above a new swing high. Profit targets should be at 1.25000 and 1.23500 support. Risk per trade must be no more than 1-2% from the capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
In spite of a breakout in the 1H timeframe, which can be a false breakout as well, the market looks interesting for shorting.
RSI gave a reversal signal in the overbought zone. MACD histogram tells us about the price reversal and a further downside movement.
If the price breaks the local uptrend line, it will be another bearing signal. It will be possible to open new sell trades following the breakout with stop orders above a new swing high. Profit targets should be at 1.25000 and 1.23500 support. Risk per trade must be no more than 1-2% from the capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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