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GBPUSD Swing Setup

Por randyspringle
After reaching yearly highs, GU met resistance at 1.31500 which formed a double top formation on the higher timeframes. With the DXY showing a bullish market after yearly lows last week, Sellers are beginning to take control of the market. I am looking to swing this pair down to previous resistance at 1.27550. I am also using the confluence with Fibonacci zones to get a 5:1 RR. I will be holding this trade for a couple of days and add more positions as price makes its way down to TP.
Double Top or BottomDXYFibonacciGBPUSDsellersSupport and ResistanceswingtradeTechnical Analysis
randyspringle

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