GBPUSD Broke Major Support, Prepare For A Plunge
Sell below 1.3469. Stop loss 1.3652. Take profit at 1.3026.
Reason for the trading strategy (technically):
GBPUSD broke out of our support-turned-resistance at 1.3469 (horizontal overlap support, 38.2% Fibonacci retracement) where we look to sell on strength. We expect price to drop to its support at 1.3026 (horizontal swing low support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish bias, in line with our bearish bias.
RSI (55) is seeing a bearish exit in line in line with our bearish view.
Reason for the trading strategy (technically):
GBPUSD broke out of our support-turned-resistance at 1.3469 (horizontal overlap support, 38.2% Fibonacci retracement) where we look to sell on strength. We expect price to drop to its support at 1.3026 (horizontal swing low support, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish bias, in line with our bearish bias.
RSI (55) is seeing a bearish exit in line in line with our bearish view.