GBPUSD approaching profit target, time to start selling
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price has risen really nicely towards our profit target. We prepare to sell as GBPUSD approaches major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.3032 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% where we expect a reaction from.
Reason for the trading strategy (technically):
Price has risen really nicely towards our profit target. We prepare to sell as GBPUSD approaches major resistance at 1.3269 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction off this level to push price down to at least 1.3032 support (Fibonacci retracement, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% where we expect a reaction from.