GBPUSD testing major resistance, prepare to sell
Sell below 1.2938. Stop loss at 1.2994. Take profit at 1.2837.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2938 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 93% and we expect a corresponding reaction off that level similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2938 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 93% and we expect a corresponding reaction off that level similar to the one we’re expecting on price.