GBPUSD forming a double top reversal, watch for the drop

in busy •  7 years ago  (edited)

GbpUsd Anlaysis and Setups

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Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.
Reason for the trading strategy (technically):
Price has formed a double top reversal with major resistance at 1.3991 ( Fibonacci re-tracement , horizontal pullback resistance, breakout level) and we expect a strong drop from this level towards 1.3639 support ( Fibonacci re-tracement , horizontal pullback support).
RSI (89) has also made a bearish from our long term ascending support-turned-resistance line signalling that a breakout is expected.

busy tradind pound dollar
7 years ago by

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