GBPUSD Reversed Off Resistance, Prepare For Further Drop
Sell below 1.3077.
Stop loss at 1.3179.
Take profit at 1.2931.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.3077(61.8% Fibonacci extension, 61.8%, 50%, 23.6% & 76.4% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.2931 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.
Stop loss at 1.3179.
Take profit at 1.2931.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.3077(61.8% Fibonacci extension, 61.8%, 50%, 23.6% & 76.4% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.2931 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.
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