GBPUSD Approaching Resistance, Prepare For A Reversal
Sell below 1.3202.
Stop loss 1.3243.
Take profit at 1.3149.
Reason for the trading strategy (technically):
GBPUSD is approaching its resistance at 1.3202 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.3149 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
Stop loss 1.3243.
Take profit at 1.3149.
Reason for the trading strategy (technically):
GBPUSD is approaching its resistance at 1.3202 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 1.3149 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.