Title: GBP/USD Short Opportunity on Retest of 1.26695 Resistance
Overview:
The GBP/USD pair is currently exhibiting bearish tendencies, with the price encountering a key resistance level at 1.26695. This presents an intriguing short opportunity, aligning with the overall bearish sentiment.
Technical Analysis:
Major Resistance at 1.26695: The price has previously faced rejection at this level, establishing it as a significant resistance point.
Bearish Divergence on MACD: The MACD indicator is showing a bearish divergence, suggesting weakening buying momentum.
Fibonacci Retracement: The current price level coincides with the 61.8% Fibonacci retracement from the recent swing high, adding confluence to the resistance.
Trade Setup:
Entry: Short entry around the 1.26695 level or on a confirmed rejection from this resistance.
Stop-Loss: Place a stop-loss above the recent swing high or a suitable level that aligns with your risk tolerance.
Take Profit: Target areas of potential support, such as previous swing lows or key Fibonacci retracement levels.
Overview:
The GBP/USD pair is currently exhibiting bearish tendencies, with the price encountering a key resistance level at 1.26695. This presents an intriguing short opportunity, aligning with the overall bearish sentiment.
Technical Analysis:
Major Resistance at 1.26695: The price has previously faced rejection at this level, establishing it as a significant resistance point.
Bearish Divergence on MACD: The MACD indicator is showing a bearish divergence, suggesting weakening buying momentum.
Fibonacci Retracement: The current price level coincides with the 61.8% Fibonacci retracement from the recent swing high, adding confluence to the resistance.
Trade Setup:
Entry: Short entry around the 1.26695 level or on a confirmed rejection from this resistance.
Stop-Loss: Place a stop-loss above the recent swing high or a suitable level that aligns with your risk tolerance.
Take Profit: Target areas of potential support, such as previous swing lows or key Fibonacci retracement levels.