GBPUSD dropping nicely from resistance, remain bearish for drop
Sell below 1.3269. Stop loss at 1.3357. Take profit at 1.3032.
Reason for the trading strategy (technically):
Price continues to hover around below our selling area yesterday. We remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 support (Fibonacci extension, horizontal swig low support).
Stochastic (89,3,1) is dropping nicely from our 99% resistance and we see good downside potential for the rest of the drop.
Reason for the trading strategy (technically):
Price continues to hover around below our selling area yesterday. We remain bearish looking to sell on major resistance pullback at 1.3269 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down to at least 1.3032 support (Fibonacci extension, horizontal swig low support).
Stochastic (89,3,1) is dropping nicely from our 99% resistance and we see good downside potential for the rest of the drop.