hey traders!
Here we have a clean short setup on the GBPUSD pair. Price has touched previous resistance for a third time and will be looking for a move south.
Price is also in the 61.8% fib retracement area.
As you can see my 10MA has passed my 20MA signal which is a strong sign of a reversal.
Price has already made a sell off move on my RSI indicator and has bounced off 70% over bought signal.
Be weary as price has bounced off this resistance area before, I would only enter a trade after price has moved below previous low.
first TP level: 1.2250 where there is some clear structure, price could bounce a little.
Second TP level: 1.2000 where there is also some clear structure and hopefully continue south as we're in an overall downtrend.
Good luck!
Here we have a clean short setup on the GBPUSD pair. Price has touched previous resistance for a third time and will be looking for a move south.
Price is also in the 61.8% fib retracement area.
As you can see my 10MA has passed my 20MA signal which is a strong sign of a reversal.
Price has already made a sell off move on my RSI indicator and has bounced off 70% over bought signal.
Be weary as price has bounced off this resistance area before, I would only enter a trade after price has moved below previous low.
first TP level: 1.2250 where there is some clear structure, price could bounce a little.
Second TP level: 1.2000 where there is also some clear structure and hopefully continue south as we're in an overall downtrend.
Good luck!