GBPUSD 90 PIP SELL

Nov 11, 2020

GBPUSD showing great potential for a 90 Pip drop. GBPUSD is currently in an overall uptrend bouncing back from the fall during the peak of covid-19. As you can see we have recently had a new higher high form on the 1hr chart which co insides with the current trend lines stated. Due to this rejection i can see price going further down towards the 0.382 fib level. The reason behind this is that price has responded well to this level numerous times in the current trend, finding good support as well as previous resistance. Furthermore the price in which the TP is set at, we can also see that this supports the paralell trend line, which further makes me believe that price will want to retest this specific area. Price has also recently come under the 50 EMA giving it the potential momentum the trade needs but i would like to see if price rejects this in anyway. RSI(10) has also show and oversold condition along the new higher high and is now currently situated in the middle. TP is set at 90 PIPS and SL and 35 PIPS.