GBPUSD dropping nicely from resistance, remain bearish
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has dropped really nicely from our selling area previously. We now remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 support (Fibonacci extension, horizontal swig low support).
Stochastic (89,3,1) is dropping nicely from our 99% resistance and we see good downside potential for the rest of the drop.
Reason for the trading strategy (technically):
Price has dropped really nicely from our selling area previously. We now remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 support (Fibonacci extension, horizontal swig low support).
Stochastic (89,3,1) is dropping nicely from our 99% resistance and we see good downside potential for the rest of the drop.