GBPUSD Is Approaching resistance, Sell On Strength!
Sell below 1.4279. Stop Loss at 1.4345. Take Profit at 1.4092
Reason for the trading strategy:
Price is approaching our first major resistance at 1.4279 (horizontal swing high resistance 61.8% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.4092 (horizontal overlap support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.
Reason for the trading strategy:
Price is approaching our first major resistance at 1.4279 (horizontal swing high resistance 61.8% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.4092 (horizontal overlap support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor for a potential drop in price.