GBP/USD Pull Back from Bullish Trend

3 de fev. de 2018

The GBP/USD recently put in a double top on the daily chart which is signalling the end of the bullish extension move from 11/02/2017. Based on previous price action structure, I am anticipating a move back down to between 1.3681 and 1.3320. If price action enter this zone, then I will be looking for RSI to fall below 20, then for the market to put in a higher high, higher close candle. At this point I would look to get long if risk / reward ratio is greater than 1:1 with stops at 1.2980 and a price target at 1.4263.