GBP/USD H1 Short Term Sell

After 5 bounces on the trendline, we finally have a break.

A short term downtrend is confirmed with the 50 EMA crossing below the 200 MA.

Sell Entry is suggested near 1.2190 for a strong 1:3 risk to reward trade and T.P just above the next support level.


This is a high quality setup because we have strong confluence at Entry:

- Support Trendline becomes Resistance Trendline

- Horizontal Support Zone becomes Resistance

- Potentially the 50 EMA or the 200 MA could also act as Resistance


Price action near the 1.21 mark would be observed to find new direction.

Emir iptal:

As I probably thought, It did not retrace near the 1.2190.
Will look for other opportunities.

Yorum:

Little correction on my grammar. What I meant previously was:

"I thought it would be probable that retracement would go up to the 1.2190 mark
but it did not."

Instead it made a small bearish ascending triangle on the 5M chart before breaking down for the impulse.