GBPUSD Short idea

3 Mar 2019

Short idea; Daily rejection at the top of the channel.

The candle must close below previous resistance @ 1.31900 for a continuation of the downtrend.

Entry below 23.6 fib @ 1.3200
TP1 @ 0.5 fib, 1.30100
TP2 @ 61.8 fib, 1.2900

Price action at TP1 will be monitored to see if TP2 is the new target, expect a pullback. Should it break at TP2, I would imagine it would bounce of the bottom trendline and head back up.

Trump has made a few comments about USD being too strong. With Brexit in the air, fundamental news on GBP may cause this to rise and strengthen.