GBPUSD Reversed Off Resistance, Prepare For Further Drop!
Sell below 1.2925.
Stop loss at 1.3008.
Take profit at 1.2804.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.2925 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.2804 (50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 1.3008.
Take profit at 1.2804.
Reason for the trading strategy (technically):
GBPUSD reversed off its resistance at 1.2925 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 1.2804 (50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.