GBPUSD double top reversal in action, remain bearish
Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling entry yesterday and is working its way towards our profit target. We remain bearish looking to sell on strength below major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, double top breakout level) for a strong push down to at least 1.3639 support (Fibonacci extension, double top exit potential, horizontal pullback support).
RSI (34) has made a bearish exit from its long term ascending support-turn-resistance line signalling that we should be seeing a change in momentum to bearish on GBPUSD.
Reason for the trading strategy (technically):
Price has reversed perfectly from our selling entry yesterday and is working its way towards our profit target. We remain bearish looking to sell on strength below major resistance at 1.3991 (Fibonacci retracement, horizontal pullback resistance, double top breakout level) for a strong push down to at least 1.3639 support (Fibonacci extension, double top exit potential, horizontal pullback support).
RSI (34) has made a bearish exit from its long term ascending support-turn-resistance line signalling that we should be seeing a change in momentum to bearish on GBPUSD.